Vietnamese Automaker VinFast Surpasses Ford and GM in Value, Despite Low Car Sales
Vietnamese electric vehicle company VinFast, owned by the conglomerate VinGroup, has become more valuable than Ford and GM based on its stock price, despite facing criticism for the quality of its first US-bound product, the VF8 electric SUV. Critics highlighted issues with the ride, materials, and manufacturing quality. VinFast has acknowledged the feedback and plans to make software upgrades to address some of the issues. The company sold 24,000 cars globally in 2022 and is currently selling its VF8 electric SUV in California. VinGroup is involved in various industries, accounting for 1.1% of Vietnam's GDP, and aims to overcome the initial quality issues with VinFast.