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VinFast market cap reaches $191B, comparable to Tesla’s valuation in 2020

VinFast US/Twitter

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Vietnamese electric vehicle maker VinFast Auto Ltd. (NASDAQ:VFS) has achieved a notable milestone. On Monday’s close, the EV maker hit a market capitalization of $190 billion, making it the third most valuable carmaker in the world, just behind electric car behemoth Tesla and veteran automaker Toyota. 

With a market cap of $190 billion, VinFast has effectively reached a level that Tesla was only able to attain in June 2020, when the company’s stock rose to more than $1,000 per share for the first time. The milestone shocked Tesla critics then, as the company only delivered 367,656 vehicles in the year prior. Toyota, then the world’s most valuable carmaker, delivered over 10 million in 2019

It should also be noted that when Tesla achieved its $190 billion market cap, the company had already established itself as a leader in the electric vehicle sector, with the Model 3 sedan dominating its segment. The Model Y had also started its deliveries then, and expectations were high that the all-electric crossover would be a best-seller. The Model Y met these expectations, becoming the world’s best-selling car in Q1 2023.

VinFast, on the other hand, only sold 24,000 cars globally in 2022, and in the United States, the company’s sales are significantly lower, with only 128 VF 8 units being registered in the country through May. Considering these results from the automaker so far, its $190 billion valuation definitely seems to warrant a few raised eyebrows. 

As noted in a Bloomberg News report, part of the reason behind the volatility of VinFast stock is the limited number of shares that are in the company’s float. About 99% of the company’s 2.3 billion shares outstanding is controlled by founder Pham Nhat Vuong, so only a small fraction is publicly traded. Thus, it doesn’t take much to move the stock up or down. 

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Whether VinFast could maintain its market cap is a completely different story, but the company deserves some credit just for how insane its rise has become. For context, VinFast eclipsed $200 billion in just ten trading days. Industry leader Tesla took over 3,600 sessions to hit the mark. Nvidia, which is currently seeing a lot of momentum, took 7,700 sessions to achieve the same mark. 

Don’t hesitate to contact us with news tips. Just send a message to simon@teslarati.com to give us a heads-up. 

Simon is an experienced automotive reporter with a passion for electric cars and clean energy. Fascinated by the world envisioned by Elon Musk, he hopes to make it to Mars (at least as a tourist) someday. For stories or tips--or even to just say a simple hello--send a message to his email, simon@teslarati.com or his handle on X, @ResidentSponge.

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Elon Musk was right all along about Tesla’s rivals and EV subsidies

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Credit: @Gf4Tesla/Twitter

With the loss of the $7,500 Electric Vehicle Tax Credit, it looks as if Tesla CEO Elon Musk was right all along.

As the tax credit’s loss starts to take effect, car companies that have long relied on the $7,500 credit to create sales for themselves are starting to adjust their strategies for sales and their overall transition to electrification.

On Tuesday, General Motors announced it would include a $1.6 billion charge in its upcoming quarterly earnings results from its EV investments.

Ford said in late September that it expects demand for its EVs to be cut in half. Stellantis is abandoning its plan to have only EVs being produced in Europe by 2030, and Chrysler, a brand under the Stellantis umbrella, is bailing on lofty EV sales targets here in the U.S.

How Tesla could benefit from the ‘Big Beautiful Bill’ that axes EV subsidies

The tax credit and EV subsidies have achieved what many of us believed they were doing: masking car companies from the truth about their EV demand. Simply put, their products are not priced attractively enough for what they offer, and there is no true advantage to buying EVs developed by legacy companies.

These tax credits have helped companies simply compete with Tesla, nothing more and nothing less. Without them, their products likely would not have done as well as they have. That’s why these companies are now suddenly backtracking.

It’s something Elon Musk has said all along.

Back in January, during the Q4 and Full Year 2024 Earnings Call, Musk said:

“I think it would be devastating for our competitors and for Tesla slightly. But, long term, it probably actually helps Tesla, that would be my guess.”

In July of last year, Musk said on X:

“Take away all the subsidies. It will only help Tesla.”

Over the past few years, Tesla has started to lose its market share in the U.S., mostly because more companies have entered the EV manufacturing market and more models are being offered.

Nobody has been able to make a sizeable dent in what Tesla has done, and although its market share has gotten smaller, it still holds nearly half of all EV sales in the U.S.

Tesla’s EV Market Share in the U.S. By Year

    • 2020 – 79%
    • 2021 – 72%
    • 2022 – 62%
    • 2023 – 55%
    • 2024 – 49%

As others are adjusting to what they believe will be tempered demand for their EVs, Tesla has just reported its strongest quarter in company history, with just shy of half a million deliveries.

Will Tesla thrive without the EV tax credit? Five reasons why they might

Although Tesla benefited from the EV tax credit, particularly last quarter, some believe it will have a small impact since it has been lost. The company has many other focuses, with its main priority appearing to be autonomy and AI.

One thing is for sure: Musk was right.

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Tesla ownership without home charging: Here’s how it’s done

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Credit: Tesla

I bought a Tesla without having perhaps the biggest advantage of owning an electric vehicle: home charging.

People told me it could be done, others said it eliminated the purpose of owning an EV. I knew I wanted a Tesla, and I knew I could probably get away with not having access to charging at home.

I traded my ICE vehicle for a Tesla Model Y: here’s how it went

The strategy I planned to use without having home charging was pretty simple: there’s a Supercharger a few miles away, and there’s also low-level charging at my local grocery store. The Model Y also came with a Mobile Connector, so there was another way I could charge in a pinch.

There are also some distinct advantages I have over others, including the fact that I do not commute to and from work, and I’m also situated only a handful of miles from things like the store and shopping, and most of my errands can be completed without driving more than 15 miles back and forth.

A common misconception about being reliant on Supercharging is the cost. Many believe that Supercharging is so expensive that it costs about the same as buying gas.

However, there are many workarounds for that, some of which I have used weekly to save money and increase convenience.

Here’s how I’ve made it work, and how I suggest you can too:

Charge During Off-Peak Hours as Much as Possible

The biggest tip I have for those who choose to buy an EV but do not have access to at-home charging is the advantage that is off-peak rates.

At my local Supercharger, it costs $0.47 from 8 a.m. to 10 p.m., and just $0.18 from 10 p.m. to 8 a.m.

That means if you can wake up a little earlier or go to bed a little bit later, you’ll save nearly three times the money. This is not to say that I never charge during peak hours, but I try to save the longer charges for off-peak hours, and it’s been a huge advantage for me.

One morning recently, I was at 9 percent and I charged to 90 percent. It only cost me about $11. Charging during peak hours, that same charge would have been roughly $26.

Tesla Supercharger access has proven to be a challenge for one company

In my Bronco Sport, going from 40 miles to a full tank, roughly 400 miles, would have cost me well over $40.

It’s not so bad either. The Supercharger I use is located at a Sheetz, so I’m able to go in, grab a coffee and a breakfast sandwich, charge, watch YouTube in the car, and sometimes, I even get to enjoy a nice sunrise on the way home.

If I have to go at night, my Fiancè and I usually use the opportunity to spend time together. We’ll run over to the Supercharger, grab snacks, and watch whatever we’re binging on Netflix (right now, it’s Narcos).

Many people said that Supercharging would cost me more than filling up my gas car. According to my Tesla app, that simply isn’t the case.

While I have been forced to charge during peak hours at times for about a month and a half, in about fifteen charging sessions, I’ve saved about $70. Over the course of a year, that would equate to over $800.

Utilize Other Charging Solutions

Although my Charging Stats above show that I’ve only used it 1 percent of the time, I have the advantage of free charging at my grocery store.

It is a Shell Recharge EV charging station, and there are two of them at the store. I used my J1772 adapter to charge, and it charges slowly at 11.5 kW.

However, it is great if you’re doing your shopping for the week and you’re stuck at the store for an hour or two. If you have one or two of these at your grocery store, just remember to be courteous and charge until you have a reasonable amount of range.

What I’ll Do Moving Forward

One ongoing effort has been pushing my leasing office to install a few EV chargers in our neighborhood. Because we rent, we are truly at the mercy of what the leasing office will allow and what they’ll do to make the lives of EV owners easier.

I’m hoping to continue pushing the management company to a point that will eventually get EV chargers in the neighborhood, especially while I live here and for those who will live here after we leave.

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Tesla widens rollout of new Full Self-Driving suite to more owners

Tesla started rolling out Full Self-Driving v14 nearly two weeks ago, but it was a very controlled release that made its way to only a small group of owners who are part of the EAP.

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(Credit: Tesla)

Tesla is widening its rollout of the new Full Self-Driving suite to more owners, after it had been confined to those in the Early Access Program (EAP) for a couple of weeks.

Tesla started rolling out Full Self-Driving v14 nearly two weeks ago, but it was a very controlled release that made its way to only a small group of owners who are part of the EAP.

It seemed logical to keep things tight; v14 was Tesla’s first major FSD release in a year, and it featured a handful of new features, including a new, slower driving profile known as “Sloth,” and the ability to park in an area at the destination that was designated by the driver.

There were also other improvements, including parking garage navigation, yielding for emergency vehicles, better recognition and handling for road debris, and a more refined ride experience overall. So far, it has been the best FSD suite Tesla has rolled out, capable of more than any previous release.

However, it has only been available to that small group of EAP Tesla owners. Now, it appears Tesla is starting to roll out Full Self-Driving v14 to more owners for the first time with v14.1.2:

Tesla rolled out FSD v14.1.2 for the first time last night, introducing further refinements to the initial two v14 iterations that were made available to owners, as well as the new Mad Max Speed Profile, which offers higher speeds during travel and more lane changes.

Tesla launches ‘Mad Max’ Full Self-Driving Speed Profile, its fastest yet

The first reviews of the Mad Max Speed Profile have been raving with positivity. Owners praise its ability to handle congestion and heavy traffic, as well as its decisiveness and reduced hesitation, which other Profiles have been noted for in the past two v14 releases.

The expansion of the FSD suite, especially with this new version, will make so many owners happy, as the release has been slow, controlled, and exclusive. Now that it is making its way to more Tesla owners, we will see more refinements and features in the coming weeks.

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