VinFast, a Vietnamese electric-vehicle maker, was briefly valued at $85 billion this week after going public via a SPAC deal. That made it worth more than Ford and GM combined.
Almost inevitably, the stock dropped sharply in the days after it first started trading, falling by more than 50%. While the soaring stock price is mostly a reflection of volatile trading around a debut on the public markets, it also highlights the growing competition in the EV market.
Insider's Tim Levin has driven more than 30 electric vehicles and picked out the four most luxurious rides here. While I enjoyed reading Tim's story and imagining myself in the $420,000 Rolls-Royce Spectre, it also struck me that consumers interested in an EV today have so many options, including those from VinFast.
And that's before accounting for Tesla's Cybertruck, which, frankly, looks bizarre next to other cars on the road.
This sudden array of options arrives just as EV sales risk hitting a plateau. States such as California and Oregon have led the way in terms of adoption, with EV sales making up between 7% and 10% of total vehicle sales.
But growth is slowing in those leading markets, suggesting that after an initial wave of early adopters, it may get more difficult to drive EV take-up into the double digits.
That could leave automakers with more options for a slower-growing market.
Award-winning doc: Insider last week won an Edward R. Murrow Award for excellence in video for this 10-minute documentary on the locals in Afghanistan who risk their lives hunting for deadly explosives and selling what they find to scrapyards in order to feed their families.
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