In its first day of trading on the Nasdaq Tuesday, Vietnamese based electric vehicle (EV) manufacturer VinFast saw its shares soar by more than 68%. The surge in value left the EV company worth over $85 billion, more than double the market capitalization of either Ford or General Motors.

Refinitiv data puts the value of Ford at $48 billion and the value of GM at $46 billion. Still the most valuable automaker in the world, Tesla’s market capitalization registers at $739 billion, while chief rival BYD comes in with a valuation of $93 billion.

Following a merger with US-listed Black Spade Acquisition, VinFast utilized a special purpose acquisition company (SPAC) to go public. On Tuesday, shares closed at $37.06 on Tuesday – an increase of 270% over the initial IPO price of Black Spade Acquisition of $10 in 2021. As of Wednesday’s close, shares were at just over $30.

Founded in 2017, VinFast was the automobile manufacturing wing of the Vietnamese conglomerate Vingroup. As of June, the company had 122 showrooms globally, and was in the process of constructing a factory in North Carolina. The factory is part of a plan to compete in the United States with other EV makers such as Tesla, BYD, and other traditional automakers who are looking to enter the electric vehicle market by expanding into hybrids and EVs.

The new factory will become operational in 2025. It will manufacture up to 150,000 EVs per year in its initial phase of production.

In an interview with CNBC, when asked how VinFast will compete with more established companies, especially in a competitive market like the US, Chief Executive Le Thi Thu Thuy said that with “the whole world and US in particular moving from internal combustion engines to EVs, there’s room for everybody.”