The ‘Elon Musk of Vietnam’ just made a $4 billion move to take on Tesla, sending the stock up 1414.7%

The electric vehicle (EV) market, long dominated by Tesla Inc. (NASDAQ:TSLA), is facing a potential challenger VinFast Auto Ltd. (NASDAQ:VFS), a Vietnamese automaker making rapid progress.

Tesla’s supremacy in the EV market is reflected in its diverse model range, including the recent Cybertruck. In 2023, Tesla demonstrated its expertise by producing 1,845,985 vehicles and delivering 1,808,581, achieving 38% annual growth in electric vehicle deliveries, according to a recent Investor Relations press release.

Despite a fantastic 2023, marked by a more than 100% increase in stock prices, Tesla has suffered a recent setback in 2024. The stock price has fallen almost 16% to the current price of $209.43.

Do not miss it:

In contrast, VinFast has become a formidable competitor, expanding its footprint in the United States.

To strengthen its presence in the United States and fuel growth, VinFast is building a $4 billion EV factory in North Carolina, expected to be completed in 2025. According to VinFast’s report, the factory has an expected production capacity of 150,000 vehicles per year.

“Today’s event marks another milestone for VinFast and reaffirms our commitment to the North American market,” said former CEO of VinFast, Ms. Le Thi Thu Thuy. “Not only will this project create thousands of jobs and contribute to North Carolina’s economic development, but VinFast’s electric vehicles produced here will also provide additional economic benefits to consumers.”

Popular: Copy and paste Mark Cuban’s startup investment strategy according to his colorful portfolio.

This important step underlines VinFast’s commitment to building a strong presence in the US market.

Both companies…

Read Complete News ➤

Benefits of eating guava for Americans