VinFast’s Stock Surge Is a ‘Coin Toss’ for Investors: Tech Watch

Boasting a higher market capitalization than General Motors Co. and Ford Motor Co. put together, loss-making VinFast Auto Ltd. raises a familiar question for EV investors: how long can it hold its stellar gains.

Wild swings since its first day of trading as a public company recall cautionary tales when it comes to electric vehicle makers, with Rivian Automotive Inc. and Lucid Group Inc. among those now trading well below their peaks.

“Over the next month this is going to be a coin toss,” Nicholas Colas, co-founder of DataTrek Research, said in a phone interview. “This is like ...