Live news: VinFast valuation overtakes Ford and GM as EV group’s shares soar on debut

Vietnamese electric vehicle start-up VinFast’s valuation has overtaken those of Detroit’s “Big Three” carmakers after shares of the lossmaking company soared following their Nasdaq debut.

VinFast closed at $37.06 on Tuesday, well above the $10 price agreed upon when the carmaker merged with a special purpose acquisition company in order to make its public market debut.

Its market capitalisation topped $85bn at Wall Street’s closing bell, clearing the individual valuations of Ford, General Motors and Fiat-Chrysler owner Stellantis by at least $27bn.

VinFast is tightly held by its billionaire founder, Pham Nhat Vuong, who owns about 99 per cent of its shares. The low float of VinFast’s public shares make it prone to large price swings.