: EV startup VinFast may be worth more than Ford and GM, but there’s a catch

Shares of EV startup VinFast Auto Ltd. have given back some of their stunning Nasdaq-debut gains, but the company’s market capitalization has — on paper at least — jumped ahead of Ford Motor Co.’s and General Motors Co.’s market value.

VinFast VFS shares dropped more than 18% on Wednesday, and were off nearly 4% in the extended session. The Vietnamese EV maker went public through a SPAC deal that valued it at about $23 billion, and the stock began trading Tuesday — it more than tripled by the end of its first session.

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