Connected Car
Nikola now commands a market value of $1.4 billion, versus $13.9 billion before listing while Lucid has a market value of $15.5 billion, versus $24 billion during its 2021 SPAC deal. Shares in other rivals which did not list via SPACs, including Tesla Inc. and Rivian Automotive Inc., have performed better. Tesla shares are up 94.6 percent this year while Rivian is up almost 17 percent. VinFast's founder, Vietnam's richest man Pham Nhat Vuong, pledged $2.5 billion in April to bolster the EV maker, including $1 billion from his personal fortune. He is the beneficial owner of 99 percent of the ordinary shares of the EV maker after the merger.