EV Startup VinFast Opens Lower, Following Big Debut

VinFast, an automaker established in 2017 and controlled by Vietnamese conglomerate Vingroup is one of a number of little-known startups that have gone public in recent years, looking to tap investor enthusiasm in the electric-vehicle space. The company began trading Tuesday on the Nasdaq after a reverse-merger deal with special-purpose acquisition company Black Spade. On Wednesday, it retreated some, closing down nearly 19% but with a market value still above that of many more-established car companies.