evee Central

This EV company has a bigger market cap than Ford or GM. But you may not have heard of it.

Shares of electric-vehicle startup VinFast Auto Ltd. have surged since the company went public through a special-purpose acquisition company deal last week, taking its market capitalization to levels well beyond established automakers such as Ford Motor Co. and General Motors Co.

Shares of low-float company VinFast ended the Thursday session up 32.3%, sending the company’s market cap to $89.5 billion. In comparison, Ford’s market cap is $47.9 billion and GM’s is $46.2 billion, according to FactSet data. Rival EV maker Rivian Automotive Inc. has a market cap of $19.3 billion. However, all of these are dwarfed by Tesla Inc.’s $751.8 billion market cap.