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The Guardian - UK
The Guardian - UK
Business
Jasper Jolly

Loss-making carmaker VinFast valued at more than Ford and BMW

BMW Ford VinFast Vietnam Pham Nhat Vuong Le Thi Thu Thuy electric vehicle SPAC Vingroup
VinFast’s CEO Le Thi Thu Thuy poses with a VF9 electric SUV at CES 2022 in Las Vegas
VinFast’s CEO Le Thi Thu Thuy poses with a VF9 electric SUV at CES 2022 in Las Vegas. Photograph: Steve Marcus/Reuters

A loss-making carmaker founded by Vietnam’s richest person has been valued by investors at more than Ford and BMW, despite making only 20,000 electric vehicles since its launch and receiving scathing early reviews.

VinFast, which lost $2.1bn (£1.6bn) in 2022, was valued at $85bn at the close of trading on Tuesday evening after it listed on New York’s Nasdaq stock market via a merger with a cash shell company.

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