VinFas has experienced yet another round of executive changes as three senior sales and customer-service executives have left the company. This comes after a costly and delayed rollout of VinFast’s first EVs in California, its debut overseas market.
The company stated that Gareth Dunsmore, deputy chief executive for global sales and marketing, left due to personal reasons. Meanwhile, the other two U.S.-based executives, Greg Tebbutt, chief marketing officer, and Craig Westbrook, former chief service officer, left because of changes in the management model and specific business requirements.
See also: VinFast Faces Delays in Building $4 Billion Factory in the US
VinFast has been experiencing several challenges as it attempts to break into the U.S. EV market. The company, which is a subsidiary of conglomerate Vingroup JSC, shipped 999 of its VF8 SUVs to California from Vietnam in November 2022, but it took until earlier this month to prepare them for delivery to customers after disclosing that the car would have a lower battery range than originally advertised. To account for the lower range, the company has rebranded the first batch of VF8s as the City Edition and is currently selling them on lease in California. VinFast plans to ship a longer-range version of the VF8 later this year.
VinFast is not alone in facing challenges in the EV market. Rival EV startups, including Lucid, Rivian, and Nikola, have experienced lower orders, higher interest rates, and increased competition. Additionally, established competitors such as Tesla are driving down prices and preparing to roll out a range of new models.
See also: VinFast makes North American debut with deliveries of VF 8 electric SUV in California
VinFast is planning to build a factory in North Carolina and has filed to list its shares through an initial public offering (IPO) in the United States. However, the company lost $2.1 billion in 2022 on revenue of $634 million, according to its registration statement for the IPO.
VinFast has had several changes in leadership since its founding in 2017, with three CEOs and multiple senior executives leaving the company. Despite these challenges, VinFast remains committed to its mission of becoming a major player in the EV market.
