In Vietnam, dozens of French journalists went to the capital of Hanoi to discover VinFast, the new local electric-oriented car brand last year. After a quick passage in thermal engines, the subsidiary of the gigantic Vingroup group accelerated in the electric and sought to send the message to Europeans and Americans: we are here and we are coming soon to you.
Everyone throws in the towel
However, delays are piling up, plans are falling through and many members of management are throwing in the towel. The latest series dates back to Friday March 17 when three senior executives resigned. Gareth Dunsmore, Deputy Managing Director of Worldwide Sales and Marketing, and Director of Services Craig Westbrook, one of VinFast’s top US executives, followed Marketing Director Greg Tebbutt.
VinFast made its pivot to 100% electric in 2021. Since then, it is no longer the same manufacturer, while its CEO Michael Lohscheller was replaced at the end of the same year. In 2022, after a year of focusing solely on electric cars, EV development director Huy Chieu in turn resigned. The famous automotive designer who worked for General Motors, David Lyon, also left his position as head of design.
© VinFast
In the United States and Canada, a restructuring plan should lead the company to lay off 80 employees and delay the opening of its American factory, a 2 billion dollar project, for at least one year. The electric car in the United States is increasingly framed in a protectionist policy of the Biden administration which does not please foreign manufacturers. Although Vingroup is a real behemoth in Vietnam, it will be necessary for VinFast to access the Stock Exchange.
His plans were to recover a minimum of 2 billion dollars, enough to amortize his investments, his new factories, and quite simply to straighten out the company which today shows losses of 2.1 billion dollars (figures for the end of the year 2022 ). Some are already referring to Faraday Future, a startup that has never found a solution to get started and has been committed for many years now to investment funds and venture capital that the company is burning no result.
© VinFast
In France, meanwhile, VinFast is inspired by Lynk & Co and offers its two large SUVs VF8 and VF9 for long-term rental (LLD) at 599 euros per month (10,000 kilometers per year) with a first rent of 7,350 euros . For purchase, the VF8 is available from 46,050 euros… a price that does not take the battery into account, at 120 euros per month for rental. To rent nothing and be able to enjoy an electric car equipped with a battery, you should rather aim for 62,200 euros.
