Dive Brief:
- Pham Nhat Vuong, founder and chair of VinFast Auto's parent company, Vingroup Joint Stock Co., will replace Le Thi Thu Thuy as CEO of VinFast Auto, the Vietnam-based electric vehicle startup said Friday.
- Thuy will take the helm as chair of the automaker’s board of directors, with Vuong retaining a seat on VinFast’s board.
- Nguyen Thi Lan Anh will also replace David Mansfield as CFO as the automaker seeks profitability. She previously served as deputy CEO of finance & operations and CFO of VinES Energy Solution, Vingroup's battery arm.
Dive Insight:
In his new role, Vuong will oversee VinFast’s operations, including global production, sales and marketing.
“Following VinFast’s robust growth and significant business achievements in recent years, culminating in the Company’s successful entry into the North America market and U.S. listing, the Board concluded that it is the right time to evolve the Company’s leadership as it enters the next phase of its development,” the company said in a press release.
VinFast went public and began trading on the Nasdaq stock exchange in the U.S. in August, aiming to expand its U.S. business and invest up to $4 billion to assemble EVs and battery packs at its North Carolina factory. The manufacturing facility will create 7,500 jobs and should begin production in 2025, according to the company.
However, the automaker, which began manufacturing EVs in 2021, is not profitable yet. VinFast lost almost $623 million in the third quarter of 2023 and sold less than 20,000 vehicles worldwide from April to September. In April, Vuong gave the company a $1 billion grant to help fund its expansion.
Earlier this month, VinFast said it would break away from relying solely on direct-to-consumer sales and begin selling its vehicles at five dealerships in Kansas, New York, North Carolina and Texas to grow its sales. VinFast operates 13 retail stores in California, including three service centers.
The automaker plans to grow its dealer network to 125 “points of sale” in the U.S.
