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Shares of VinFast fell early Friday, extending some of the steep losses seen since a run-up that made the EV company one of the world’s most highly valued automakers.
VinFast stock was recently down about 3%. It closed Thursday at $17.99, off substantially from its high just above $82 on Aug. 28.
The Vietnamese company’s shares soared after hitting the market. On its first day of trading on Aug. 15, VinFast reached a valuation of more than $80 billion, above more-established companies including Ford and General Motors. It then went on to more than double in value again later in the month.
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