From Nasdaq Inc.:

Vietnamese electric vehicle maker VinFast aims to increase its free float to 10-20% by the end of this year. The company plans to do follow-on transactions to increase the free float and bring in more investors, including long-only investors.

A larger free float could reduce the intense volatility in the company’s stock, which has tumbled since its Nasdaq debut in August. VinFast is valued at nearly $16 billion and has recorded a net loss of $1.73 billion in the first three quarters of 2023.

VinFast launched a prototype of its new pickup truck, VF Wild, at CES. It also plans to launch its mini electric SUV VF 3 globally and is expanding its operations in India and other markets in the Middle East, Latin America, and Asia, including Indonesia.

The company also shuffled executives last week, with the CEO becoming chairman and the chairman becoming CEO. The move allows the chairwoman to focus on fundraising for VinFast and change the notion that a Vietnamese company may not have the best technology for EVs.



Read more: EXCLUSIVE-EV maker VinFast aims to raise free float to 10%-20% by end-2024 -chair