What's Going On With VinFast Auto Stock?

VinFast Auto Ltd. VFS shares are trading higher Wednesday. Wedbush analyst Daniel Ives initiated coverage on Vinfast Auto with an Outperform rating and a $12 price target on Tuesday.

What To Know:

The analyst's report highlights VinFast's global strategy which includes a focus on the largely untapped U.S. market. VinFast Auto recently broke ground on its EV factory in North Carolina which boasts an expected production capacity of 150 thousand vehicles per year.

Ives described VinFast's "state-of-the-art" production facility in Vietnam as the backbone of the company and capable of large-scale and efficient EV production due in part to its use of automated manufacturing robots.

Ives noted in his report, "We have been to auto factories around the world and what Vinfast has built in Vietnam is unique and one of the most impressive facilities I have seen with a scale and EV technology that is foundational to our bull thesis."

"We believe the Vinfast EV vehicles are the result of years of R&D, massive engineering resources, complex supply chain relationships, and are now set for primetime."

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VFS Price Action: According to Benzinga Pro, VinFast Auto shares have gained nearly 20% over the last month and up 7% at $6.42 at the time of publication.

Image: Jiří Rotrekl from Pixabay