Victor Golmer
Vietnamese electric vehicle maker VinFast (NASDAQ:VFS) named founder Pham Nhat Vuong to be the company’s new chief executive officer to replace Le Thi Thu Thuy, who will continue to serve as chairwoman and lead engagement with external stakeholders.
Vuong is also the founder and chairman of Vingroup, which is VinFast’s (VFS) parent company. “It is the right time to evolve the company’s leadership as it enters the next phase of its development,” read a statement from the VinFast (VFS) board. In his new role, Vuong will be in charge of an aggressive global production ramp, as well as oversee new sales and marketing efforts. Vuong has stated in the past that he expects VinFast (VFS) to be break-even by the end of 2024.
VinFast (VFS) also confirmed on Saturday that it will build an integrated electric vehicle facility in Tamil Nadu, India. Situated in Thoothukudi, the VinFast Tamil Nadu project aims to evolve into a first-class electric vehicle production hub in the region, with an annual capacity of up to 150K units. The company indicated that construction of the plant is anticipated to begin in 2024.
Looking ahead, VinFast Auto (VFS) is looking to create some buzz next week at CES. The company plans to introduce its latest electric vehicle concept and the mini eSUV VF 3 to global customers. The launch of two new models were noted to continue to expand VinFast’s (VFS) electric vehicle EV lineup, and said to further solidify its commitment to sustainable mobility and EV accessibility. VinFast (VFS) will also display its all-electric VF 9 full-size SUV at CES, which incorporates a new streaming service into the vehicle. In addition, VinFast (VFS) will introduce its electric bikes, DrgnFly, reinforcing the company’s commitment to offering a holistic EV ecosystem to global customers, as well as showcasing its rapid research and development capabilities since the product was first introduced at CES a year ago. VinFast’s (VFS) electric bikes will also be available for test drives. VinFast Global Deputy CEO of Sales and Marketing Ms. Tran Mai Hoa” “Our presence at CES 2024 affirms our unwavering commitment to shaping the future of sustainable transportation, and we are excited to showcase the groundbreaking innovations that will further propel us towards this ambitious goal.”
Shares of VinFast Auto (VFS) are down 16% for the early part of 2024.
Image and article originally from seekingalpha.com. Read the original article here.