EV startup VinFast could also be price greater than Ford and GM, however there is a catch

See additionally: Tesla launches cheaper, shorter-range Model X, Model S EVs

VinFast’s market capitalization stood at almost $83 billion on Wednesday, based on FactSet. That compares with a market worth of about $46 billion for Ford
F,
-1.42%
and round $45 billion for GM
GM,
-1.44%.

Startup Rivian Automotive Inc.
RIVN,
+1.25%,
whose market capitalization has, at instances, additionally surpassed legacy automakers’ market caps, stood at about $20 billion. Tesla Inc.
TSLA,
-3.16%
reigns supreme at a valuation of almost $720 billion as of Wednesday.

VinFast is a majority-owned affilliate of Vingroup, a conglomerate that is likely one of the largest publicly traded corporations in Vietnam.

Related: How a lot would a strike value the Big Three automakers? Wall Street thinks it has a solution.

Vingroup’s chairman and VinFast founder Pham Nhat Vuong controls about 99% of VinFast’s shares, placing solely a small sliver of the corporate obtainable to traders. The small variety of shares obtainable for buying and selling additionally implies that huge swings are frequent.

VinFast broke floor on its North Carolina plant in July. The firm mentioned it plans to take a position as much as about $2 billion within the plant initially, and it expects to ultimately attain the capability to make 150,000 EVs a 12 months.

For now, the corporate is importing its automobiles into the U.S., and in May the corporate welcomed a second cargo of its EVs. VinFast has bought about 13,000 electrical automobiles this 12 months, together with almost 4,000 in April.