EV maker VinFast (VFS) shines in US market debut, but is it worth more than Ford, GM?
Vietnamese EV maker VinFast celebrated its listing on the Nasdaq exchange under the ticker “VFS” on Tuesday. During its market debut, VinFast’s market cap easily surpassed Ford and GM, ending the day worth almost as much as both combined.
VinFast stock soars during US market debut
Shortly after its business merger with special purpose acquisition company (SPAC) Black Spade Acquisition Co (BSAQ) was approved by shareholders last week, VinFast announced Monday it had completed the combination.
VinFast shares began trading this morning at around $22, more than double the $10 set stock price agreed upon with BSAQ at a value of $23 billion.
Well, investors were quick to pile in, sending VinFast stock shares over $34 a share shortly after noon. Although share prices slipped during afternoon trading hours, VinFast rallied into close, ending the day at $37 per share, up 270% from its planned IPO price.
At $37 a share, VinFast’s market value would be over $85 billion, significantly higher than that of Ford ($48 billion) and General Motors ($46 billion). Is VinFast worth more than nearly both Ford and GM combined?
Worth more than Ford and GM?
Since shipping its first batch of VF 8 electric SUVs to the US in November, the EV maker has sent nearly 3,000 models overseas. However, progress has been slow.
According to recent estimates from Kelley Blue Book, VinFast has sold 850 EVs in the US so far this year (11,300 globally). Of those, 740 of the sales occurred in the second quarter.
The EV maker has dealt with software issues that delayed its US rollout until March. More recently, VinFast broke ground on its first US electric vehicle production facility in North Carolina.
VinFast says it will invest up to $2 billion during Phase 1, with an area spanning roughly 1,800 acres. The plant will be divided into five main production areas: body shop, general assembly, press shop, paint shop, and energy center.
During the initial phase, the EV maker will focus on building VinFast VF 7, VF 8, and VF 9 electric models with over 150,000 annual production capacity once fully operational. Production is expected to begin in 2025.
VinFast generated $83.5 million in revenue in the first three months of the year, but operating losses reached -$472.1 million, resulting in a net loss of $598.3 million. The EV maker ended the quarter with $158.5 million in cash and equivalents.
The company’s chief financial officer, David Mansfield, told Reuters, “We have a number of strategic investors and institutional investors lined up. We expect to formulate some kind of capital raising over the next 18 months, for sure.”
Mansfield added, “We don’t need more equity capital, but if an opportunity is presented, we’ll obviously take advantage of that while we can.”
Meanwhile, Ford sold 14,843 EVs in the second quarter, down 2.7% from the first quarter. The primary reason for the dip is due to downtime at its Mexico plant, where the Mustang Mach-E is built.
Ford’s Model e EV unit generated $1.8 billion in revenue in the second quarter while operating losses reached $1.08 billion (keep in mind, Ford also has hybrid/ICE sales in addition to its commercial and software business). The automaker is pushing back its 600,000 EV production goal until 2024 after planning to hit it by the end of the year.
On the other hand, General Motors sold 15,652 EVs in the US in Q2, down 21% from the first three months of the year. Despite the Chevy Bolt EV and EUV accounting for over 93% of GM’s EV sales through the first half of the year, the automaker is discontinuing the current model to make room for its Ultium-based lineup (which will include a next-gen Bolt EV, don’t worry).
Electrek’s Take
I wouldn’t get too excited quite yet. We’ve seen plenty of startups (not just EV companies) soar on the first days or weeks of trading, only to fall significantly after that.
For example, Rivian’s market cap skyrocketed to over $150 billion within a week of its IPO in November 2021. The EV startup has watched its value dwindle over the years, settling around $20 billion currently.
VinFast is an exciting EV company with a potentially promising future, don’t get me wrong, but do I think it should be worth more than Ford, GM, Lucid, or Rivian? At this point, not necessarily. The market had a surprisingly positive response to VinFast’s market debut. We’ll keep you updated with the latest.
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Electricity demand is surging in Texas, and solar, wind, and battery storage are meeting it.
According to new data from the US Energy Information Administration (EIA), electricity demand across the Texas grid managed by the Electric Reliability Council of Texas (ERCOT) hit record highs in the first nine months of 2025. ERCOT, which supplies power to about 90% of the state, saw demand jump 5% year-over-year to 372 terawatt hours (TWh) – a 23% increase since 2021. No other major US grid has grown faster over the past year.
Solar and wind keep ERCOT’s grid steady
The biggest growth story in Texas power generation is solar. Utility-scale solar plants produced 45 TWh from January through September, up 50% from 2024 and nearly four times what they generated in 2021 (11 TWh). Wind power also continued to climb, producing 87 TWh through September – a 4% increase from last year and 36% more than in 2021.
Together, wind and solar supplied 36% of ERCOT’s total electricity over those nine months. Solar, in particular, has transformed Texas’s daytime energy mix. From June to September, ERCOT solar farms generated an average of 24 gigawatts (GW) between noon and 1 pm – double the midday output from 2023. That growth has pushed down natural gas use at midday from 50% of the mix in 2023 to 37% this year.
Battery storage is filling in the gaps
Batteries charge during the day when wind and solar generation are the highest, and they produce electricity when generation from wind and solar slows down. ERCOT began reporting battery output separately in October 2024 in its hourly grid data, and it’s clear that batteries are now helping to smooth out evening peaks. This past summer, batteries supplied an average of 4 GW of power around 8 pm, right as solar production dropped off.
Natural gas is flatlining
Natural gas is still Texas’s dominant power source, but it isn’t growing like it used to. Between January and September, gas-fired plants generated 158 TWh of electricity, compared to 161 TWh in 2023. Gas comprised 43% of ERCOT’s generation mix during the first nine months of 2025, down from 47% in the first nine months of 2023 and 2024.
More demand growth ahead
The EIA expects Texas electricity demand to keep rising faster than any other grid in the US. In its latest Short-Term Energy Outlook, the EIA projects ERCOT’s demand will climb another 14% in the first nine months of 2026, reaching 425 TWh. That means Texas will need even more solar, wind, and battery storage to keep up with its breakneck growth.
Read more: This $900 million solar farm in Texas is going 100% to data centers
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GM is recalling nearly 23,000 Chevy Equinox EV and Cadillac Optiq models due to a defect where the tire tread could fall off.
GM is recalling more Chevy Equinox EV models
In a letter sent to the National Highway Traffic Safety Administration (NHTSA), GM said it has decided to issue a safety recall for certain Chevy Equinox EV and Cadillac Optiq models from model years 2025 to 2026.
This time, it isn’t necessarily GM’s fault. The vehicles may be equipped with 21″ all-season tires that Continental Tire is recalling.
According to Continental, the tires were produced during the week of October 6, 2024, and may have a defect where the tire tread could partially or fully detach. The records show the defect is due to a nonconforming tread base rubber compound.
Owners of affected vehicles may notice unusual tread wear or bulging, vibration while driving, or tire noises. GM is unaware of any incidents related to the defect, but is issuing the recall out of an abundance of caution.
On September 18, 2025, GM inspected the assembly plant and confirmed there were no suspect tires in stock. The 21″ tires come standard on RS trims and are optional on LT1 and LT2 grades.
Although GM is recalling 22,914 Chevy Equinox EVs and Cadillac Optiqs, it estimates that only about 1% of them have the defect.
The recall includes:
- 2026 Cadillac Optiq: 214
- 2026 Chevy Equinox EV: 1,832
- 2025 Cadillac Optiq: 3,468
- 2025 Chevy Equinox EV: 17,400
GM dealers will check all four tires and replace them if needed, free of charge. Dealers were notified on October 16. Owner notification letters are expected to be mailed out on December 1, 2025.
You can contact Chevrolet’s customer service number at 1-800-222-1020 or Cadillac’s at 1-800-333-4223. GM’s recall number is N252525030. Owners can also call the NHTSA hotline at 1-888-327-4236 or visit the nhtsa.gov website for more information.
The Chevy Equinox EV is now the third best-selling EV in the US, trailing only the Tesla Model Y and Model 3. Meanwhile, Cadillac’s entry-level Optiq SUV is the fifth-most-popular luxury EV. The recall is minor and only affects a small percentage of models, so it’s not expected to have a major impact.
If you want to test one of them for yourself, we can help you get started. Check out our links below to find available Chevy Equinox EV and Cadillac Optiq models near you.
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In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss Tesla’s earnings madness, Rivian layoffs, Ford pausing F-150 Lightning, and more.
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