VinFast Lets Go Staff, Merges North American Operations

Matthew Guy
by Matthew Guy

Building on yesterday’s report from Chris about hiccups in VinFast delivery, we bring news that the fledgling automaker is laying off numerous employees whilst also folding Canadian operations into its American business. Its chief financial officer also apparently flew the coop.

According to multiple reports, VinFast is carrying out some downsizing, cutting about 80 jobs. Rodney Haynes, former CFO of VinFast U.S., is said to have left amid this restructuring, while the CEO of what used to be VinFast Canada has also resigned. 

We say ‘used to be’, because the company has chosen to consolidate its American and Canadian business management ops into a single unit, now called VinFast North America. It’ll all be headquartered in Los Angeles. The previous CEO of American operations has been punted to deputy, while Van Anh Nguyen moves into place as CEO of the new combined entity. That person will also maintain their role as head of manufacturing.

Speaking of manufacturing, these layoffs are surely being watched closely in North Carolina, a state where VinFast is currently VinWaiting for VinApproval for a VinFactory. The company had initially targeted a start of production in that location sometime within the next year. Producing its cars stateside will be a big deal since, at least under the current rules, only EVs built in America are eligible for lucrative tax credits. VinFast is also said to have filed for an IPO on the Nasdaq, by the way.

VinFast has aspirations of competing toe-to-toe with established EV brands in America, entering the country just as electric car sales are on the upswing. There has been a notable amount of fluidity to its details, such as when the company apparently figured out Americans don’t even like their TV remote to come without batteries – let alone their cars. Originally, the VinFast plan was to hawk its wares at a low sticker price but require customers to lease the car’s battery for a mileage-dependent monthly fee. Now, that battery lease is an unlimited mileage option – or customers can simply buy the entire car for an all-in price, just like about everything else on the market.

[Image: VinFast]

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Matthew Guy
Matthew Guy

Matthew buys, sells, fixes, & races cars. As a human index of auto & auction knowledge, he is fond of making money and offering loud opinions.

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3 of 8 comments
  • Jeff S Jeff S on Feb 07, 2023

    Not a good sign when you haven't sold your first vehicle.

  • Inside Looking Out Inside Looking Out on Feb 07, 2023

    Ford also was bankrupt with his first company that became The Standard of the World.

    • RHD RHD on Feb 07, 2023

      Better check your automotive history.

      The Detroit Auto Company was his first company, which went bankrupt in less than two years. His second company, the Henry Ford Company, was a success, and eventually became Cadillac. The Ford Motor Company was his third venture.

  • Kcflyer but will it be direct injection only? If so, fool me once.......
  • THX1136 The current administration hoping the unwashed masses are not paying attention. A purely political move similar to the 'request' by Democrats that the Biden administration do something about the border issues prior to the election. Still won't vote for him OR the other guy this Nov.
  • Kwik_Shift_Pro4X .
  • Jkross22 it is: "The Strategic Petroleum Reserve (SPR), the world's largest supply of emergency crude oil was established primarily to reduce the impact of disruptions in supplies of petroleum products and to carry out obligations of the United States under the international energy program."
  • Kwik_Shift_Pro4X Released or sold off to _________?