VinFast soars again and trades at a higher market cap than Walgreens or Goldman Sachs
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VinFast Auto Ltd. (NASDAQ:VFS) raced to a new high on Thursday as the electric vehicle stock showed little signs of slowing down. VFS was up 45.2% at 10:22 a.m. and traded as high as $56.19 earlier in the session to push the market cap in excess of $100B.
Earlier in the week, Seeking Alpha analyst Bill Maurer said the recent rally is a result of a low-float stock with high volatility. He was clear that the lush market cap does not justify the company's growth prospects for the coming years. Also weighing in on VFS, noted short seller Jim Chanos called the stockâs valuation "insane."
At the time of publication, the current valuation on VinFast (VFS) was higher than the market caps of Dow 30 stocks like Goldman Sachs (GS), Walgreens Boots Alliance (WBA), Travelers Companies (TRV), and 3M (MMM).
Most of the outstanding VinFast (VFS) shares are held by insiders, which makes the road ahead for the electric vehicle stock even more unclear. 
As for financials, VinFast (VFS) reported revenue of $633.8M in 2022 and an operating loss of 1.79B, according to a recent SEC filing. The company said it is committed to the mission of creating a sustainable future. Vinfast (VFS) became a fully electric vehicle manufacturer in 2022, and has since delivered four EV models (VF e34, VF 8, VF 9 and VF 5) in Vietnam.

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