Michael Lohscheller has stepped down from his post as the CEO of Vietnamese automaker VinFast Global just months after joining the company.
What Happened: The move comes as VinFast looks to realize a key U.S. expansion plan.
Lohscheller, who joined VinFast in July, revealed his exit in a post that he shared on the professional networking site LinkedIn.
Lohscheller, a former Volkswagen Group VWAGY executive, said he would be leaving VinFast at the end of this month and is returning to Europe for personal reasons.
“It was an honour to serve VinFast and its people. I want to thank everybody at VinFast for this amazing experience. I learned a lot in my time in Vietnam which I will never forget,” Lohscheller wrote in the post.
“With the U.S. debut at the Los Angeles Show, VinFast is on its way to become a global electric brand. I am convinced that VinFast will be very successful in North America, Europe and Asia selling smart electric vehicles.”
Before joining VinFast, Lohscheller was CEO at Stellantis brand Opel — a position he held for over years.
Why It Matters: The development comes months ahead of VinFast’s planned expansion in the U.S. market, where it aims to begin delivering electric vehicles by the end of 2022.
VinFast plans to begin accepting pre-bookings for its upcoming VF e35 and VF e36 electric sport utility vehicles in the first half of 2022. The two models will be launched at the Los Angeles automotive show next month.
Vinfast is reportedly aiming to sell 15,000 electric vehicles globally next year, a significant drop from an earlier target of 56,000 electric vehicles.
Vinfast already has an office in California and aims to open 60 U.S. showrooms next year; the automaker aims to sell a bulk of its electric vehicles online.
VinFast, which has an assembly plant in Vietnam, would compete in a market that is led by Tesla Inc TSLA. The company said last week it has begun building a battery plant in Vietnam.
We’ve begun construction on the first and most advanced battery manufacturing facility in Vietnam. It will provide parts for our growing range of #EVs and help us realize our vision of creating a more sustainable world. Read more: https://t.co/696xZxk0cE pic.twitter.com/eSrYz6XmFj
— VinFast (@VinFastofficial) December 24, 2021
Price Action: Tesla shares closed 0.5% higher at $1,088.47 a share on Tuesday.
Photo: Courtesy of VinFast
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
