Why VinFast Auto Stock Continues To Fall

VinFast Auto Ltd. VFS shares fell Thursday on continued volatility following its recent Nasdaq debut.

What To Know: VinFast stock has been in freefall recently, plummeting from its peak at the end of August. 

The stock had a meteoric rise, beginning in mid-August with its Nasdaq launch, fueled by retail investor interest and the EV craze. 

The company also made several head-turning milestones already, such as becoming the third-largest automaker globally by market cap, behind Tesla and Toyota at the end of August.

However, the stock has been very volatile too, down over 50% over the past week alone, likely because three companies hold approximately 99% of its shares.

Related Link: Why Qualcomm Stock Is Trading Lower Today

VFS Price Action: Shares of VFS closed down by 26.60% at $17.99, according to Benzinga Pro.

Image by John Howard from Pixabay