VinFast’s stock is down 90% from its 52-week high of $93 on Aug. 28.
Shares of electric-vehicle startup VinFast Auto Ltd. fell 4.1% to $9.39 Tuesday, taking the stock well below the $22 listing price when the company made its Nasdaq debut just seven weeks ago.
VinFast shares, which are on a three-day losing streak, ended Monday’s session down 21.6% for their largest single-day percentage decline since Sept. 7, when they fell 26.6%. The stock is down 90% from its 52-week high of $93 on Aug. 28. In a filing Monday, VinFast said that insiders will sell some of their shares moving forward, the Wall Street Journal reported. Few VinFast shares have been left available for trading following heavy withdrawals by investors in the company’s SPAC deal, according to the Journal.
The EV maker is a majority-owned affiliate of Vietnamese conglomerate Vingroup, one of the largest publicly traded companies in Vietnam. VinFast said that as of June 30, 2023, the company has delivered close to 19,000 EVs.About 99% of VinFast shares are controlled by Vingroup chair and VinFast founder Pham Nhat Vuon, making only a small portion available to investors. The small number of shares available for trading also means that big swings are common.
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