Vietnamese electric vehicle manufacturer VinFast, trading under the ticker symbol NASDAQ:VFS, has made a strategic maneuver by appointing its founder, Pham Nhat Vuong, as the new chief executive officer. This move sees Vuong step in for Le Thi Thu Thuy, who will continue to serve as the chairwoman, focusing on engaging with external stakeholders.

As the founder and chairman of Vingroup, VinFast’s parent company, Vuong’s reinstatement underscores the company’s commitment to a significant leadership transition. The VinFast board emphasized that the change is timely, aligning with the company’s evolution into its next developmental phase. In his new capacity, Vuong will spearhead an ambitious global production scale-up and will also be responsible for driving new sales and marketing initiatives. Notably, Vuong has previously expressed his aspirations for VinFast to achieve break-even status by the end of 2024.

VinFast has also announced plans to establish an integrated electric vehicle facility in Tamil Nadu, India. The project, located in Thoothukudi, aims to emerge as a prominent electric vehicle production hub in the region, boasting an annual capacity of up to 150,000 units. The company has outlined that construction of the plant is projected to commence in 2024.

Looking ahead, VinFast Auto is gearing up to make waves at the Consumer Electronics Show (CES) next week. The company is set to unveil its latest electric vehicle concept and the mini eSUV VF 3 to a global audience. These new models are poised to further expand VinFast’s electric vehicle (EV) lineup, affirming its steadfast dedication to sustainable mobility and EV accessibility. Additionally, VinFast will showcase its all-electric VF 9 full-size SUV at CES, which integrates a new streaming service. Beyond vehicles, the company will introduce its electric bikes, DrgnFly, underscoring its commitment to offering a comprehensive EV ecosystem to global customers and highlighting its rapid research and development strides. VinFast’s electric bikes will also be available for test drives. Tran Mai Hoa, VinFast Global Deputy CEO of Sales and Marketing, expressed, “Our presence at CES 2024 affirms our unwavering commitment to shaping the future of sustainable transportation, and we are excited to showcase the groundbreaking innovations that will further propel us towards this ambitious goal.”

Despite these advancements, shares of VinFast Auto have experienced a 16% decline in the early part of 2024.