Why VinFast Auto Stock Plunged More Than 30% to an All-Time Low This Week
Shares of Vinfast Auto (NASDAQ: VFS) plunged this week and were trading 33.5% lower through 10:30 a.m. ET Friday, according to data provided by S&P Global Market Intelligence.
The stock hit a peak of $93 per share on Aug. 28 -- just days after its initial public offering. Since then, though, VinFast has fallen off a cliff and hit an all-time low Friday. With this week's fall, the electric vehicle (EV) maker's stock is now down a staggering 93% from its peak.
VinFast Auto is reportedly struggling to gain traction in its home market, Vietnam. But that's not the only reason why the stock is plunging this week: That decline also has to do with something that VinFast's CEO said in an interview this week.
Source Fool.com