12 NASDAQ Stocks with Biggest Upside Potential According to Analysts

10. VinFast Auto Ltd. (NASDAQ:VFS)

Average Upside Potential as of November 21: 77.89%

VinFast Auto Ltd. (NASDAQ:VFS) is an EV manufacturer based in Vietnam and is a subsidiary of Vingroup, one of Vietnam’s largest private enterprises. It focuses on designing and producing electric cars, e-scooters, and e-buses, targeting domestic and international markets. It operates through 3 main segments: Automobiles, E-scooters, and Spare Parts & Aftermarket Services.

The company has made significant strides in its global expansion and sales. In H1 2024, it delivered 21,747 vehicles, a 92% increase year-over-year. In Q2 alone, it delivered over 12,000 vehicles, intending to deliver a total of ~80,000 EVs in the full year 2024. Revenue generated in the second quarter of 2024 totaled $358.56 million, which was lower than Street estimates. Still, the positive momentum continued into Q3, with 21,912 EVs delivered, marking a 66% increase from the previous quarter and a 116% increase year-over-year.

VinFast Auto Ltd. (NASDAQ:VFS) is very active in Southeast Asia, particularly Indonesia and Thailand. In Indonesia, it established partnerships with 5 dealerships and opened its first store in April 2024. By late summer, it had launched 15 additional dealer stores and introduced 2 new EV models. In Thailand, it signed a letter of intent with 15 initial dealers. It’s also expanding in the Middle East, focusing on Oman and Qatar, with plans to open its first showroom in Doha in Q3 2024. In the US, it aims to establish 125 sales points and currently operates 18 dealerships across 7 states.

With strong sales growth, aggressive expansion into key markets, and a focus on innovation, the company is well-positioned to capitalize on the growing demand for electric vehicles.