VinFast, a Vietnamese EV manufacturer, cuts jobs in the US and Canada

As part of its restructuring strategy, the Vietnamese electric vehicle manufacturer VinFast is apparently cutting employees in Canada and the United States. This is being done to get the business ready to go public in the US. VinFast announced that it would be reducing its employment in both Canada and the United States. According to a report, the business is revamping its key overseas market as it struggles with the delivery of its first automobiles and the prospect of a stock listing. The business has been working to increase the range of products it offers in the US, where numerous rivals are already based and making EVs. VinFast did not mention any job layoffs when it announced in January of last year that the US and Canadian business operations will be combined into a single business unit. Recently, 150 new hires were made across the nation for positions in sales, support, and distribution. [caption id="" align="aligncenter" width="1200"] Image credit- Automotive News Canada[/caption] The number of employees that will be impacted by the restructuring plan in both nations has not yet been disclosed by VinFast. Hitesh Vansh, a former VinFast executive, said on LinkedIn that this issue had an impact on close to 35 roles. When Pham Nhat Vuong, the company's founder, and chairman, reviewed the headquarters' operations, he also instructed managers to create lists that may result in personnel reductions of up to 30%. According to a VinFast spokeswoman, employees from Vietnam, where the company's factory and engineering operations are situated, will not be affected by these job cuts. Instead, they will be replacing workers who don't fit in with the organization; hence, the review. After the higher-ups have reviewed and made their final decisions, new successors will be hired. On the international market, VinFast has been increasing its selection of EVs. This includes a mobile service network and over-the-air software updates, claims TechCrunch. To draw foreign markets, a direct-to-consumer sales approach is implemented. [caption id="" align="aligncenter" width="1200"] Image credit- Automotive News[/caption] VinFast is striving to roll out an EV charging network in the United States as the company aspires to become a center for EV manufacturers. Although the aforementioned employment cuts have an impact on the staff who worked on this project. VinFast is also awaiting regulatory approval to start building a $4 billion auto assembly plant in North Carolina. In the aforementioned factory, the business plans to begin operations in 2024. Also read: VinFast to build an EV plant in North Carolina Reaching the desired quantity for its initial delivery of VF8 sport utility vehicles, VinFast dispatched its first batch of 999 electric vehicles to the United States in November of last year. A port on the US West Coast is where some automobiles are being kept while the business works on software updates.