Vietnamese EV manufacturer VinFast VFS has initiated a major overhaul of its executive leadership, placing its founder, Pham Nhat Vuong, at the helm as CEO.
What Happened: Vuong, who is also the founder and chairman of VinFast’s parent company, Vingroup, has succeeded Le Thi Thu Thuy in the CEO position since late 2021, Reuters reported.
Thuy, a finance specialist, will maintain her VinFast ties, taking up the mantle of chairwoman and leading engagement with external stakeholders. Vuong will take on direct management of the EV manufacturer’s operations, encompassing global production, sales, and marketing.
Additionally, VinFast announced Nguyen Thi Lan Anh, currently managing financial affairs at Vingroup’s EV battery division, as the new CFO, succeeding David Mansfield.
The Board of Directors at VinFast stated, “It is the right time to evolve the Company’s leadership as it enters the next phase of its development.” The firm, which kicked off EV manufacturing in 2021, has not yet achieved profitability, ending Q3 with a net loss of $623 million.
Why It Matters: VinFast’s leadership reshuffle comes at a critical juncture for the company. Daniel Ives, an analyst known for his bullish Tesla stance, initiated coverage of VinFast’s stock with an ‘Outperform’ rating. Ives noticed potential in VinFast’s mission to deliver affordable luxury electric cars globally and branch out into niche electric transportation markets.
Furthermore, recent reports revealed VinFast’s plans to open a manufacturing facility in India, focusing on EV battery production. This move marked a significant stride in the company’s efforts to establish a global presence.
Image: Shutterstock/ betto rodrigues
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