
-
Top Russian official in Washington for talks on improving ties
-
Sinner's former physio to blame for failed dope tests, says ex-physical trainer
-
Germany slams Trump tariffs, US tech titans in crosshairs
-
Trump tariff blitz sparks retaliation threats, economic fears
-
Search for Malaysia's long missing MH370 suspended
-
Hungary announces ICC withdrawal as Israel's Netanyahu visits
-
Trump's tariffs sting Asian giants, including US allies
-
India says 'examining the implications' of US tariffs
-
Evenepoel set to make injury return at Tour de Romandie
-
USA sole bidder for 2031 Women's World Cup, UK set to host in 2035 - Infantino
-
McLaren's Norris says it's 'our turn' for success
-
Lessons and liquids: buried alive in Myanmar's earthquake
-
Trump tariffs spark fears for Asian jobs, exporting sectors
-
Stocks and dollar sink, havens rally as Trump tariffs fan trade war
-
Runners fly to North Korea for first post-Covid Pyongyang Marathon
-
Hamilton rubbishes claims he's lost faith in Ferrari
-
Nintendo Switch 2 sparks excitement despite high price
-
Sri Lanka's crackdown on dogs for India PM's visit sparks protest
-
S Korea police raise security levels ahead of impeachment verdict
-
China vows 'countermeasures' to sweeping new US tariffs
-
Trump jolts allies, foes and markets with tariff blitz
-
France says EU to target US online services after Trump tariffs
-
Tsunoda vows to bring 'something different' after Red Bull promotion
-
Verstappen not happy with Tsunoda-Lawson Red Bull swap
-
Experts accuse 54 top Nicaragua officials of grave abuses
-
Remains of 30th victim of Los Angeles fires found
-
EU to target US online services after Trump tariffs: France
-
How Trump's 'liberation day' tariffs will impact China
-
Malaysia suspends search for long-missing flight MH370
-
Search for long-missing flight MH370 suspended: Malaysia minister
-
Europe hits out at Trump tariffs, keeps door open for talks
-
Myanmar's junta chief to head to Bangkok summit as quake toll surpasses 3,000
-
Lawson vows to prove he belongs in F1 after shock of Red Bull axing
-
Australia sweats through hottest 12 months on record: official data
-
Livestock theft is central to jihadist economy in west Africa
-
South African artist champions hyenas in 'eco-queer' quest
-
Danish PM in 'unity' Greenland visit amid US takeover threats
-
Taiwan says US tariffs 'highly unreasonable'
-
Lawson says ruthless Red Bull axing was 'tough to hear'
-
Heat humble Celtics for sixth straight win, Thunder roll on
-
Trump escalates trade war with sweeping global tariffs
-
Japan says US tariffs 'extremely regrettable', may break WTO rules
-
South Koreans anxious, angry as court to rule on impeached president
-
Juve at in-form Roma with Champions League in the balance
-
Injuries put undermanned Bayern's title bid to the test
-
Ovechkin scores 892nd goal -- three away from Gretzky's NHL record
-
Australian former rugby star Petaia signs for NFL's Chargers
-
China says opposes new US tariffs, vows 'countermeasures'
-
Athletics world watching as 'Grand Slam Track' prepares for launch
-
Heat humble Celtics for sixth straight win, Cavs top Knicks

VinFast boss insists share volatility 'normal'
The dramatic fluctuation in shares of Vietnamese electric vehicle maker VinFast is "normal", its chief executive told AFP on Friday, insisting the company was on sound footing despite racking up huge losses.
Shares in the communist state's first homegrown car manufacturer have veered wildly since it listed on the Nasdaq in August, peaking above $82 before lurching back down, closing on Thursday at $12.56.
At one point VinFast's valuation was greater than auto behemoths Ford and General Motors, but some commentators have warned it is overvalued, pointing to slow sales and poor reviews of its VF8 model in the United States.
But CEO Le Thi Thu Thuy insisted the volatility was to be expected.
"It's normal for the share price to be very volatile at the beginning of the listing, especially with such a very small free float," she told AFP in an interview at the company's offices in Hanoi.
Only around one percent of VinFast shares are listed for trading, with 99 percent held by Pham Nhat Vuong, the owner of parent group Vingroup and Vietnam's richest man.
Despite posting a loss of $2 billion in 2022 and over $1 billion in the first half of 2023, VinFast has embarked on a major push to become a global player in the lucrative but crowded EV market.
"In the next year or so, we are targeting that so the loss is becoming less and less," Thuy said.
The company, which launched in 2017, aims to compete with giants like Elon Musk's Tesla, and has begun work on a factory in the US state of North Carolina.
"I think the past has been more challenging than the path forward," Thuy said.
"The task is daunting in front of us, but I think we have achieved a lot we've done a lot in the last six years. We are ready for the path ahead."
VinFast's Nasdaq listing came just weeks before US President Joe Biden visited Hanoi on a trip to boost trade ties, particuarly in high-tech manufacturing, as Washington seeks to reduce its reliance on China for key components and resources.
Thuy was part of a roundtable of CEOs that held talks with Biden as well as a host of executives from US tech firms including Google and Boeing.
- Tesla tussle -
The pivot to the United States is a bold move by chairman Vuong, who started out selling dried noodles in the former Soviet Union before amassing his $5 billion fortune in a range of sectors including real estate, tourism and education.
VinFast opened six showrooms in California in July, including a flagship store in upmarket Santa Monica as it seeks to compete in a US market dominated by Tesla.
It also has outlets in France, Germany and the Netherlands and has announced plans to expand from 2024 into markets in Asia -- including India and Indonesia -- and the Middle East.
Thuy, a former Lehman Brothers executive who studied in Japan, said the company needed to keep investing to build its reputation internationally.
"Right now if you look at VinFast, you kind of look at it as like two different companies -- VinFast in Vietnam, which is somewhat established," she said.
"And then outside of Vietnam is a different VinFast that needs to build a brand and needs to prove itself."
According to VinFast figures, around 17,000 orders for two models -- the VF8 and the VF9 -- have been placed by customers worldwide, including around 10,000 in the United States.
But as of last month only 350 cars -- all of them VF8s -- were currently on the road.
A.Rodriguezv--AMWN