Toronto, Ontario — In this weekly Tuesday Ticker, VinFast’s share prices dropped almost as much as they grew when the stock first dropped; while Rivian hires a seasoned OEM exec as it buckles down for a busy few months.
They rise, they fall
VinFast shares exploded when the electric automaker began trading on Nasdaq in mid-August, but shares dropped nearly 60 percent this week.
The automaker’s all-time high was marked on Mon., Aug. 28 at US$82.35 per share.
The dips make VinFast’s valuation around US$81 billion, making it the fifth most valuable automaker behind Tesla, Toyota, Porsche and BYD.
As of Friday at 2 p.m., shares of VFS traded at US$29 per share.
Rivian’s new hire
Rivian has hired a former exec of Porsche and Mercedes-Benz as its chief commercial office (CCO), the EV OEM announced last week.
Dr. Kjell Gruner brings 25 years of experience to the brand, most recently serving as the CEO of Porsche Cars North America. In his new role at Rivian, he will oversee operations in sales, marketing, fleet services and delivery.
Prior to his time at Porsche, Gruner worked as the director of strategy for Mercedes-Benz Cars for more than six years and also serves on LiveWire, the board for Harley Davidson’s electric motorcycle division.
Rivian is currently nose-to-the-grindstone in terms of production and growth; the EV OEM increased its production guidance for 2023 just last month, following a strong Q2 2023 earnings report.
As of Friday at 2 p.m. ET, shares of Rivian traded at US$23.61 per share, up 4.27 percent from the previous day’s close and up 36.68 percent year-to-date.