Veteran Short-Seller Jim Chanos Calls Newly-Listed Vietnamese EV Maker VinFast A '$200 Billion Meme Stock'

Renowned short seller Jim Chanos expressed concerns over the soaring $200 billion market capitalization of Vietnamese EV maker VinFast Auto VFS, terming it a ‘$200B meme-stock’.

What Happened: In a recent post, Chanos (under the alias “Diogenes” on X/Twitter) pointed out the disparity between VinFast’s surging market cap and its vehicle production. He cited a comment by Drew Dickson, founder of Albert Bridge Capital, stating that while VinFast might be lucky to produce 40K units this year, Toyota could achieve the same in just 40 hours.

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Why It Matters: On Monday, VinFast became the third largest automaker by market capitalization globally, closely following Tesla and Toyota, after its shares saw a remarkable 20% surge, catapulting its market capitalization to $191.2 billion.

VinFast’s skyrocketing valuation comes despite the company’s U.S. operations not being fully operational. The electric vehicle boom seems to be fueling a buying frenzy among individual investors. 

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