VinFast Lets Go Staff, Merges North American Operations

Matthew Guy
by Matthew Guy

vinfast lets go staff merges north american operations

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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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.

  • Kwik_Shift I like, because I don't have to look at them. Just by feel and location while driving.
  • Dwford This is the last time we are making these, so you better hurry up and buy (until the next time we make them, that is)
  • FreedMike @Tim: "...about 40 percent of us Yanks don't live in a single-family home."Keep in mind that this only describes single family **detached** homes. But plenty of other house types offer a garage you can use to charge up in - attached single family homes (townhouses, primarily), or duplex/triplex/four-plexes. Plus, lots of condos have garages built in. Add those types of housing in and that 40% figure drops by a lot. Regardless, this points out what I've been thinking for a while now - EV ownership is great if you have a garage, and inconvenient (and more expensive) if you don't. The good news if you're looking for more EV sales is that there are literally hundreds of millions of Americans who have garages. If I had one, I'd be looking very closely at buying electric next time around.
  • Matthew N Fanetti I bought a Silver1985 Corolla GTS Hatchback used in 1989 with 80k miles for $5000. I was kin struggling student and I had no idea how good the car really was. All I knew was on the test drive I got to 80 faster than I expected from a Corolla. Slowly I figured out how special it was. It handled like nothing I had driven before, tearing up backroads at speeds that were downright crazy. On the highway I had it to about 128mph on two occasions, though it took some time to get there, it just kept going until I chickened out. I was an irresponsible kids doing donuts in parking lots and coming of corners sideways. I really drove it hard, but it never needed engine repair even to the day I sold it in 1999 with 225000 miles on it, still running well - but rusty and things were beginning to crap out (Like AC, etc.). I smoked a same year Mustang GT - off the line - by revving up and dumping the clutch. Started to go sideways, but nothing broke or even needed attention. Daily driving, only needed the clutch into first. It was that smooth and well-synced. Super tight, but drivable LSD. Just awesome from daily chores to super-fun.To this day I wish I had kept it, because now I have the money to fix it. It is hard to explain how amazing this car was back in the day - and available to people with limited money - and still the highest quality.
  • Cprescott Well, duh. You will pay more to charge a golf cart than an ICE of the same size if you charge externally. Plus when you factor in the lost time, you will pay through the nose more than an ICE on lost opportunity costs. Golf car ownership savings is pure myth.