Vietnam’s VinFast faces stern EV sales test to retain eye-popping valuation

Vietnam's EV champion VinFast has managed to sell Wall Street on a Nasdaq listing that values the loss-making startup at more than $85 billion, almost twice as much as Ford or General Motors. For that, it needs to complete a revamp of a sales strategy to bring in distributors and dealers rather than selling through its own platform alone, an approach it borrowed from Tesla. Shares of dedicated EV maker VinFast, which merged with special purpose acquisition company (SPAC) Black Spade, surged on their Nasdaq debut on Tuesday.