In a statement to Reuters, the firm announced its intention to "streamline" its North American operations by merging its U.S. and Canadian divisions, but assured that its employees in Vietnam, where the headquarters and production facilities are located, would not be affected.
Despite the job losses, VinFast has ambitious plans to become a major player in the American electric vehicle market. Its first 999 vehicles destined for North American customers arrived in the U.S. in November and were set to be delivered by the end of the year. However, the delivery date has been pushed back to the end of February to allow for software updates.
The company has its sights set on building an EV plant in North Carolina, which has the potential to create up to 7,500 jobs when it opens in July 2024. The $4 billion facility, which will include a panel press, body assembly plant, and paint shop, is expected to produce 150,000 electric vehicles annually.
In addition, VinFast is preparing for a potential Nasdaq listing, which could provide the funds necessary to compete in the highly competitive electric vehicle market, where industry giants like Tesla and Ford have announced significant price cuts.
Source: Reuters
