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VinFast Auto Ltd. (NASDAQ:VFS) experienced a sharp decline in afternoon trading on Tuesday, erasing gains made in a late December rally. Shares of the Vietnamese electric vehicle maker fell by 11.53% at 2:27 p.m. on high volume of over 3.6M. With short interest on VFS standing at 23.5% of the total float, there is considerable bearish sentiment around the stock. The Seeking Alpha Quant Rating on VFS is flashing Strong Sell, while all three Wall Street firms covering the stock are in the bull camp.
The upcoming Consumer Electronics Show (CES) holds promise for VinFast Auto (VFS). The company aims to unveil its latest electric vehicle concept and the mini eSUV VF 3 to a global audience. These new models are part of VinFast’s strategy to expand its electric vehicle EV lineup and solidify its commitment to sustainable mobility and EV accessibility. Additionally, VinFast (VFS) will showcase its all-electric VF 9 full-size SUV at CES, which incorporates a new streaming service into the vehicle. The company will also introduce its electric bikes, DrgnFly, demonstrating its commitment to offering a holistic EV ecosystem. Visitors to CES will have the opportunity to test drive VinFast’s electric bikes, marking a significant step forward since the product’s first appearance at CES a year ago.
VinFast’s Global Deputy CEO of Sales and Marketing, Ms. Tran Mai Hoa, stated, “Our presence at CES 2024 affirms our unwavering commitment to shaping the future of sustainable transportation. We are excited to showcase the groundbreaking innovations that will further propel us towards this ambitious goal.”