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VinFast Stock Falls as NHTSA Opens Crash Investigation

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Shares of Vietnamese electric vehicle startup VinFast Auto fell after the National Highway Traffic Safety Administration said it had opened an investigation into an accident in April.

VinFast shares closed Tuesday down 18.7% at $5.14 per share. The S&P 500 and Nasdaq Composite rose 0.3% and 0.2%, respectively.

The crash in April that killed four people involved…

Shares of Vietnamese electric vehicle startup VinFast Auto fell after the National Highway Traffic Safety Administration said it had opened an investigation into an accident in April.

VinFast shares closed Tuesday down 18.7% at $5.14 per share. The


S&P 500

And


Nasdaq Composite

rose by 0.3% and 0.2%, respectively.

The April accident that killed four people involved a VinFast VF8 SUV in Pleasanton, California. NHTSA confirmed its investigation, adding that its Special Accident Investigation Division will “document the circumstances of the accident and the resulting fire.”

VinFast did not immediately respond to a request for comment. Tuesday’s decline leaves VinFast shares down about 39% so far this year.

Slowing growth in electric vehicle demand has weighed on investor sentiment and pushed shares of many electric vehicle startups lower. In early trading, shares of Rivian Automotive and Lucid were down about 57% and 33%, respectively, so far this year.

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According to Cox Automotive, VinFast sold 3,129 cars in the United States in 2023. U.S. sales totaled 927 vehicles in the first quarter. VinFast sold 9,689 battery-electric vehicles worldwide.

Write to Al Root at [email protected]

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