Forget VinFast: 2 EV Stocks to Consider Instead

While the meme stock mania of 2021 might have run its course, there are still occasional eye-popping trades to remind us of the frenzied action that characterized the post-pandemic era. Last year, Hong Kong-based fintech company AMTD Digital (HKD) went public, and soon enough its market cap surpassed $450 billion - which, for context, exceeded the valuation of Meta Platforms (META) at the time. Fast forward to 2023, and HKD not only trades below its IPO price, but its market cap is just around $1 billion.

A similar meme-stock dynamic was at play when Vietnamese electric vehicle (EV) company VinFast (VFS) went public in August through a reverse merger with special purpose acquisition company (SPAC) Black Space Acquisition Co. (BSAQ). The stock soared after the listing and printed as high as $93 – which gave the startup EV company a market cap in excess of $200 billion, roughly twice the combined market cap of Ford (F) and General Motors (GM).