Investing.com -- VinFast Auto (NASDAQ:VFS) shares tumbled for a third straight session in early U.S. trading on Friday, representing another step down from an eye-popping surge in the Vietnamese electric vehicle maker's stock after its debut on the Nasdaq on Tuesday.
By 10:41 ET (14:41 GMT), shares in VinFast had fallen by 22.15% to $15.57.
At one point this week, VinFast had soared to a valuation of $85 billion, topping the market values of automaking powerhouses Ford (NYSE:F) and General Motors (NYSE:GM). The level was over three times greater than the valuation the firm was given when it merged with blank-check company Black Spade Acquisition .
According to Investing.com data, VinFast's market capitalization had fallen to $46.44B on Thursday.
Founder Pham Nhat Vuong retains about 99% of the shares in VinFast, leaving only a small amount remaining for trading. The float has been susceptible to deeper gyrations as a result. In the prior session, a relatively tiny $44M in VinFast shares were traded, compared to the $27B in Tesla (NASDAQ:TSLA) stock, Reuters reported.
VinFast has said that it is aiming to raise capital over the next 18 months. Chief Financial Officer David Mansfield has said that a number of strategic and institutional investors are already "lined up," even though the group has yet to turn a profit.
The firm is also trying to hit Vuong's lofty annual sales target of 50,000 EV units - over double the amount its sold so far in 2023.
Formed as a unit out of Vietnam's biggest conglomerate Vingroup, VinFast is aiming to take a new approach to EV distribution that it hopes will give it an edge against market leader Tesla. Instead of following Tesla's direct-to-consumer strategy, VinFast is expected to partner with overseas dealers.