VinFast shares skid more than 40% in sharp reversal

EV stock has been on a roller-coaster ride since its Nasdaq debut

20230829N VinFast

VinFast stock has remained volatile since its listing on the Nasdaq in mid-August.  © Reuters

TAKAFUMI HOTTA, Nikkei staff writer

NEW YORK -- Shares in Nasdaq-listed Vietnamese electric-vehicle maker VinFast plunged more than 40% on Tuesday, wiping out the previous session's gains for the auto-industry newcomer.

On Monday, VinFast had surged 20% to reach the third-highest market capitalization among global automakers, behind only Tesla and Toyota Motor.

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