An unprofitable electric vehicle maker has suddenly become the third most valuable auto manufacturer in the world, leaving the likes of General Motors Co. and Ford Motor Co. in its dust.
Shares of Vietnam’s VinFast Auto have soared almost 700% since it listed in mid-August — even though it hasn’t made many cars yet, let alone turned a profit.
Here’s how VinFast suddenly became one of the world’s most valuable carmakers — and how it could come undone again.
