VinFast Stock Plunges, Wiping Out $90 Billion in Market Value

Local politicians would pimp out their grandma if they could get a dollar of additional investment. This company is an utter joke not even worth to be mentioned. Complete lack of transparency, credibility, track record. Case closed.

gwb-trading said:
VinFast, the company, may not care how this stock does in the short run. They were primarily doing this SPAC merger in order to fund their growth.

This includes the new plant they are building in our local RTP (Raleigh / Durham) area of North Carolina. Needless to say, our local politicians, business development folks, and nearby communities are very positive about VinFast expanding in North Carolina -- they are driving a large number of local manufacturing jobs and and money into our area.

VinFast pours foundation on EV assembly plant to employ 7,500 in Chatham County
https://wraltechwire.com/2023/07/27...-billion-ev-assembly-plant-in-chatham-county/

Gov. Roy Cooper joined VinFast executives and Chatham County leaders Friday morning to shovel the first dirt in Moncure, site of a planned $4 billion, 2.8-million-square-foot electric vehicle manufacturing plant.

The Vietnamese-based automaker expects to hire 7,500-plus people to work at the site, called Triangle Innovation Point.

“This facility is the crown jewel of VinFast’s global expansion,” said Brook Taylor, the company’s vice president of government relations and strategic partnerships.

Dan LaMontagne, Chatham County manager, added, “We think this will only be the first part of growth that comes to Chatham County.”

Friday’s event was not purely ceremonial. By mid-day, crews had begun pouring the first part of the factory foundation.

By 2025, the automaker expects to have VF-8 and VF-9 electric SUVs rolling off the assembly line and into American driveways. (The few existing VinFast owners in North America have had to order their cars online to have them shipped overseas.)

Thuy Le, VinFast Global CEO, said, “This will better position us to manufacture and distribute EVs in North America’s fast growing market with greater speed and efficiency.”

Le and Cooper joined hundreds of others, including Nguyen Quoc Dzung, Vietnam’s ambassador to the United States, and VinFast drivers like Natalie Ly at the event.

Ly likes her car so much she made the trip from southern California.

“It’s a very solid car,” she said. “I liked the design, the smooth ride, lots of good technology.”

Pedal to metal on plant in Chatham County
The groundbreaking essentially starts the engine on the plant’s development, and VinFast is putting the pedal to the metal.

It started with a goal of having cars ready for delivery in 2024, but leadership changes and time spent to secure the right permits pushed that date back.

“The speed at which this company is moving is extraordinary, and obviously when you move at that speed there can be some early bumps in the road so to speak,” Cooper said.

Chatham County leaders are banking on VinFast to get quickly up to speed.

I would not call it a delay,” VinFast’s North American CEO Van Anh Nguyen said. “When we announced literally more than a year ago, when we signed the MOU [memorandum of understanding], we thought we could do everything within that timeline. It’s a very compressed and very aggressive timeline.

“We are confident because we’ve been there,” she said. “We’ve done that with our plant in Vietnam.”

In July 2022, WRAL News got a tour of VinFast’s headquarters in Vietnam. That factory took 21 months to build.

Jobs, job training are key to VinFast success in US
The company is planning to hire the majority of its 7,500 factory workers at the end of 2024 and early 2025, Nguyen said.

“It means a lot for families, because of the jobs that are coming and the opportunities for their kids to be employed right here. It means a lot for the economy,” said Karen Howard, chairman of the Chatham County Board of Commissioners.

Nguyen said the company is working with Central Carolina Community College in Sanford to prepare a training program.

“Even if they were trained at the schools – vocational schools or community colleges – we need people to be trained at our plant at least three months in advance, three to six months in advance, before we can put them into the production line,” Nguyen said.

She said VinFast has three objectives:
  1. Creating a quality and premium product
  2. Building cars that are affordable and have flexible prices
  3. Excellent customer service
Early reviews were negative
VinFast faces an uphill battle getting American customers to buy the electric SUVs the company plans to make here.

Motor Trend’s headline read: “Return to Sender.”

Another said: “The VinFast VF8 Is Simply Not Ready for America.”

WRAL News asked Nguyen about people who still wonder if the company will be a success.

“We are taking actions on that, and you know what, we are working hard to improve based on the feedback that we have received,” Nguyen said.
More...
 
gwb-trading said:
VinFast, the company, may not care how this stock does in the short run. They were primarily doing this SPAC merger in order to fund their growth.

This includes the new plant they are building in our local RTP (Raleigh / Durham) area of North Carolina. Needless to say, our local politicians, business development folks, and nearby communities are very positive about VinFast expanding in North Carolina -- they are driving a large number of local manufacturing jobs and and money into our area.

VinFast pours foundation on EV assembly plant to employ 7,500 in Chatham County
https://wraltechwire.com/2023/07/27...-billion-ev-assembly-plant-in-chatham-county/

Gov. Roy Cooper joined VinFast executives and Chatham County leaders Friday morning to shovel the first dirt in Moncure, site of a planned $4 billion, 2.8-million-square-foot electric vehicle manufacturing plant.

The Vietnamese-based automaker expects to hire 7,500-plus people to work at the site, called Triangle Innovation Point.

“This facility is the crown jewel of VinFast’s global expansion,” said Brook Taylor, the company’s vice president of government relations and strategic partnerships.
More...

Yea..Jobs are important. I agree. But this is another part of the bait. Politicians giving hundreds of millions in taxes to get these companies. Here in Florida space coast we courted Blue Origin with huge tax money back in 2018 and all we have is an empty building. We also gave up huge tax dollars to OneWeb (supposedly competing against StarLink) and another empty building. Even SpaceX only has 800 actual full time employees permanently located at Space Coast, FL.

The main thing all these companies want is "full Automation"...robotic manufacturing, 3D printing. They want to hire the "very least" number of people possible. Infact, Relativity Space Corp (making 100% 3D rockets) wants the rocket making process 100% without human involvement.

I suspect EV companies are exactly the same. If they were actually hiring traditional full assembly line workers they would have located in South Carolina or Alabama like the rest of the foreign car companies. But my guess is it will be an empty building in order to qualify for US EV Personal Tax Rebates. Vietnam still has some of the cheapest labor of any industrialized country.
 
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TrailerParkTed said:
Who is allowed to short IPOs? The same froth took over ICCT from yesterday’s $5 to $42 in AH. It’s now $22.00? No shares available on IBKR.
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In the case of VFS is is not about being allowed to. It is about being able to.

As I mentioned previously approx. 99% is privately held, so go ahead short the eff out of it lol.
 
SunTrader said:
In the case of VFS is is not about being allowed to. It is about being able to.

As I mentioned previously approx. 99% is privately held, so go ahead short the eff out of it lol.
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I only buy puts, shorting these monsters is beyond my skill set. I bought some sold $86.00.
 
This is the game. I personally knew a deal Morgan Stanley underwrote, for a Chinese loan shark company, beautiful financials, lot of cash on the audited balance sheet, highly profitable business at the time. It supposed to float 20% overtime. The owner’s circle of friends in hedge funds bought up the float and created a floor, bull vs bear. The company wasn’t cooking the books, arm’s length trades weren’t inside trading. Short sellers who weren’t in the circle of friend also got squeezed.

For this type of trade, you have to be a gambler.
 
mervyn said:
This is the game. I personally knew a deal Morgan Stanley underwrote, for a Chinese loan shark company, beautiful financials, lot of cash on the audited balance sheet, highly profitable business at the time. It supposed to float 20% overtime. The owner’s circle of friends in hedge funds bought up the float and created a floor, bull vs bear. The company wasn’t cooking the books, arm’s length trades weren’t inside trading. Short sellers who weren’t in the circle of friend also got squeezed.

For this type of trade, you have to be a gambler.
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On ThetaGang someone posted a loss of $20,000. For his account size, $20k is negligible.



“
Got cucked on $VFS - lost $20k
Loss
Realized a loss because I got assigned on short calls and felt compelled to manage risk. Would have been $25K net gain if covered merely two hours later, but no regrets as the cucking could have been worthy of a Brooklyn basement sex dungeon if things went the other way.

1) Opened positions:

Sold $906K of premium on short calls, mostly ITM. (Whoopsie daisy.)

and sold $126K of premium on short puts, mostly OTM.

and bought $376K of premium on long calls, mostly OTM.

2) Got assigned:

Assigned some deep ITM short calls overnight. This produced a short position of -19,200 shares with sale proceeds of $293K. The premium retained was $777K (leaving me with net $121K premium paid exposure on remaining options). The basis on the 19,2000 short shares was therefore $56/sh.

3) Exited all positions:

Bought to cover all assigned short shares @ $46/sh (i.e., $887K), for subtotal gain $183K on this portion of the trade. But I expect borrow interest of around ~$8K as well (not sure yet), for net gain $175K.

Paid $74K to close all the remaining positions, for net loss $195K on these. The wide bid-ask hurt here, but I wanted to be able to sleep tonight. More annoyingly, the aggregate delta on these positions was roughly -$7500, so exiting at $42/sh two hours later instead of $46/sh would have swung the $20K net loss to a ~$25K net gain.

Net loss: $175K - $195K = -$20K

Fortunately these are mere scratches, but you live and learn womp womp.”
 
TrailerParkTed said:
On ThetaGang someone posted a loss of $20,000. For his account size, $20k is negligible.



“
Got cucked on $VFS - lost $20k
Loss
Realized a loss because I got assigned on short calls and felt compelled to manage risk. Would have been $25K net gain if covered merely two hours later, but no regrets as the cucking could have been worthy of a Brooklyn basement sex dungeon if things went the other way.

1) Opened positions:

Sold $906K of premium on short calls, mostly ITM. (Whoopsie daisy.)

and sold $126K of premium on short puts, mostly OTM.

and bought $376K of premium on long calls, mostly OTM.

2) Got assigned:

Assigned some deep ITM short calls overnight. This produced a short position of -19,200 shares with sale proceeds of $293K. The premium retained was $777K (leaving me with net $121K premium paid exposure on remaining options). The basis on the 19,2000 short shares was therefore $56/sh.

3) Exited all positions:

Bought to cover all assigned short shares @ $46/sh (i.e., $887K), for subtotal gain $183K on this portion of the trade. But I expect borrow interest of around ~$8K as well (not sure yet), for net gain $175K.

Paid $74K to close all the remaining positions, for net loss $195K on these. The wide bid-ask hurt here, but I wanted to be able to sleep tonight. More annoyingly, the aggregate delta on these positions was roughly -$7500, so exiting at $42/sh two hours later instead of $46/sh would have swung the $20K net loss to a ~$25K net gain.

Net loss: $175K - $195K = -$20K

Fortunately these are mere scratches, but you live and learn womp womp.”
More...

you sure, there isn't VFS option available last time I checked.

if it is the case, buy atm calls is the trade, 2% rule.
 
M.W. said:
This is utter fraud. Lol, 0.3% of all shares outstanding not owned by founder. This is all just paper wealth, nothing else. If he leaves with more than 10 billion I would be very surprised.
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“A billion here, a billion there, and pretty soon you're talking real money."
 
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