Tesla continues waging price war; VinFast makes U.S. debut: This week in EVs

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Investing.com — Here is your weekly Pro Recap of the past week's biggest headlines in the electric vehicle space: VinFast makes a splash in its market debut; Tesla cuts prices in China; and Mullen continues to fight delisting.

As always, InvestingPro users get EV headlines at lightning speed. Never miss another opportunity to secure an edge for your portfolio.

Vietnamese electric-vehicle maker VinFast (NASDAQ:VFS) marked its inaugural appearance on the U.S. stock exchange this past week, and experienced an astonishing 270% surge on its first trading day to a peak of $37 before taking a dramatic fall.

The stock began trading at $22 per share following its merger with special-purpose acquisition company Black Spade, putting the value of the company at about $50 billion — more than double the $10 per share, or $23 billion, agreed to with Black Spade. And the ensuing action propelled VinFast’s market cap above $85 billion, higher than Volkswagen (OTC:VWAGY) (ETR:VOWG_p) and Ford (NYSE: NYSE:F), which are valued at $69.7 billion and $48B, respectively.

Since its peak, the stock has plunged about 45%. But even at the lower valuation, VinFast indicated it had the biggest market capitalization of any Vietnamese company trading in the U.S.

VinFast is a household name in Vietnam, where its cars have become bestsellers. However, the automaker has had some trouble transitioning their public popularity to the U.S., where it started delivering to customers earlier this year.

Over the past few months, VinFast has faced a wave of negative feedback regarding its electric SUV, the VF 8, after letting U.S. reporters test drive the vehicle.

One headline by industry outlet Road & Track called the vehicle “simply unacceptable.” Another by