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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Kia is extending one of its biggest promotions yet, knocking over $10,000 off every EV in its lineup.
Kia knocks $10,000 off EV models
Who said electric vehicles would get more expensive after the $7,500 federal tax credit ended? Kia must not have gotten the memo.
Last month, Kia launched a new promotion, offering a $10,000 customer cash discount for all EVs, including the EV6, EV9, and Niro EV. The discount knocks nearly 25% off MSRP on Kia’s cheapest model, the Niro EV. On the entry-level EV6, it’s 23% off MSRP, while $10,000 off the EV9 is about an 18% discount.
The discounts ended on December 1, but Kia has extended them for at least another month. During its Season of New Tradition sales event, Kia is now offering even more savings.
The 2025 Kia EV6 and Niro EV are now eligible for up to $11,000 in customer cash, including a $10,000 cash back offer and a $1,000 retail bonus cash discount.
If you’re looking for something a little bigger, the 2026 EV9, Kia’s three-row electric SUV, is available with up to $10,500 in bonus cash.
If you choose to finance, Kia is offering 0% APR for up to 72 months, plus $3,500 APR Bonus Cash on the EV6 and Niro EV. The larger EV9 is available with 0% APR for up to 60 months with a $3,000 APR Bonus Cash offer.
The 2025 Kia Niro EV and EV6 are available to lease, starting at $209 and $309 per month for 24 months. The 2026 EV9 is listed with monthly leases starting at $419.
The new sales event comes after Hyundai extended its EV promotions, keeping the IONIQ 5 as one of the most affordable EV leases in the US, starting at just $189 per month.
Kia’s Seasons of New Traditions sales event runs until January 2, 2026. Some deals may vary by region. You can see offers near you by using the links at the bottom.
Interested in test-driving one for yourself? We can help see what’s available in your area. Check out our links below to find Kia and Hyundai EVs near you.
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New Holland’s already excellent C314 mini track loader is even better for 2026 thanks to the debut of a new, all electric version that offers quiet, low maintenance, and emission-free running for round-the-clock operation.
State and federal governments may still be hashing out emissions laws and ZEV requirements, but it’s the municipal governments that write quiet our laws and noise ordinances, and it’s those laws that construction crews are struggling to work around as they bid for lucrative urban jobs. New Holland understands those construction customers’ needs, and its new C314X Electric mini track loader (announced at last month’s Agritechnica) is designed specifically for them.
“We launched the C314 two years ago, and it has become known for its excellent features,” says Francesca Asteggiano, Europe Construction Brands. “Today, we’re developing an electric version to meet growing demand for quieter, more compact machines — reinforcing our commitment to sustainability and innovation.”
C314X Electric
New Holland’s C314X Electric is designed and built in-house as the zero-emission evolution of the diesel-powered C314, and is powered by a 23.5 kWh li-ion battery that sends power to three electric motors — two drive motors and a single hydraulic motor for the boom.
The company says the new C314X has a rated operating capacity that matches the diesel unit at 460 kg (~1014 lbs.) and a hinge pin height of 2.2 m (~7.2 ft.).
Though still “just a prototype” at this point, CASE and New Holland products have a history of making it to production. If when it does, company reps say it will be available in two undercarriage configurations, a “narrow track” version 890 mm wide that can fit through garden gates and man doors, and wide track version 1026 mm wide for heavier duty outdoor and agricultural work.
The stand-on machine uses controls that will be familiar to any mini loader operator — especially those with experience behind the controls of the diesel C314 — and all the implements and attachments that work on the diesel version bolt up to the C314X Electric, making it ideal (the company says) for livestock and horticultural farmers, landscape contractors and residential construction operations, thanks to multiple compatible attachments to ensure full versatility to dig, load, drill, and more.
Stay tuned for pricing and availability, likely set to be announced during ConExpo 2026.
SOURCE | IMAGES: New Holland.
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