Why VinFast Auto Stock Is Soaring This Week
Earnings season hasn't been a great time for owners of electric vehicle (EV) stocks. Disappointing reports from several EV makers have only stoked fears that demand could be plunging.
But shares of VinFast Auto (NASDAQ: VFS) have jumped by double digits this week regardless. As of late Thursday, VinFast stock has risen by nearly 12% this week, according to data provided by S&P Global Market Intelligence. However, it's not because VinFast has been doing so much better than other EV start-ups.
VinFast's stock has been extremely volatile since it began trading after going public through a special purpose acquisition company (SPAC) in August. In fact, shares have moved an average of about 15%, either up or down, every day since the SPAC merger, according to Barron's.
Source Fool.com
