LOS ANGELES - VinFast Auto (NASDAQ:VFS), the Vietnamese electric vehicle manufacturer, has formed a Dealer Advisory Board in the United States, comprising representatives from its network of 25 dealerships. The board, announced today, is designed to strengthen communication and collaboration between the company and its dealers, focusing on sales, service, and market trends.
The inaugural meeting of the Dealer Advisory Board took place on Monday, bringing together dealers known for their commitment to customer service and industry knowledge. They convened with VinFast leadership in Los Angeles, California, to share insights on a variety of topics crucial to the company's growth, including best practices for dealership sales and service, warranty program optimization, future product planning, and the development of competitive sales programs.
David Duncan, VinFast Auto's Vice President of Sales and Marketing, expressed enthusiasm about the board's establishment, citing the dealers' experience and dedication as key to expanding the company's U.S. market presence. He emphasized the goal of creating a collaborative environment to enhance customer experience.
Dealer Principal David Coyle from Leith VinFast in Raleigh, North Carolina, remarked on the honor of being part of the advisory board. He highlighted VinFast's bold vision for the future of mobility and the board's role in fostering open communication and collaboration to keep VinFast at the cutting edge of the electric vehicle market.
The members of the VinFast Dealer Advisory Board include David Coyle, David Sansing from Pensacola, Florida, Elie Hanna from Bradenton, Florida, Damian Mills from Greensboro, North Carolina, and Bill Auffenberg from Katy, Texas.
VinFast, a subsidiary of Vietnam's largest conglomerate Vingroup JSC, is focused on making electric vehicles accessible to a broad consumer base. The company's product range includes electric SUVs, e-scooters, and e-buses. With plans to expand its distribution and dealership network globally, VinFast is working to increase its manufacturing capacities, targeting key markets across North America, Europe, and Asia.
This announcement is based on a press release statement from VinFast Auto.
In other recent news, VinFast Auto, a rising contender in the electric vehicle industry, has announced a significant change in its board composition. The company revealed that independent director and Audit Committee member, Mr. Ngan Wan Sing Winston, will step down effective May 1, 2024, making way for Mr. Tham Chee Soon. Mr. Tham will take on the roles of member of the Compensation Committee, member of the Audit Committee, and an audit committee financial expert.
The appointment of Mr. Tham follows the guidelines of Rule 10A-3 under the Exchange Act and Nasdaq rules, affirming his independent status. His extensive experience includes serving as an independent director for several companies across Asia, and holding the position of director and CFO for RF Acquisition Corp II. Beyond his corporate roles, Mr. Tham is noted for his active involvement with various non-profit organizations and charities.
This shift in VinFast Auto's board of directors is a strategic measure as the company continues to steer through the competitive landscape of the electric vehicle market. The change underscores VinFast Auto's dedication to upholding robust governance and financial oversight as it amplifies its operations and broadens its market footprint. These are the recent developments concerning VinFast Auto's board.
InvestingPro Insights
As VinFast Auto (NASDAQ:VFS) continues to solidify its presence in the U.S. market with strategic initiatives like the formation of its Dealer Advisory Board, investors and industry watchers are closely monitoring the company's financial health and market performance. According to InvestingPro insights, VinFast's market capitalization stands at a robust $10.64 billion, reflecting significant investor interest in the company's growth trajectory, particularly in the burgeoning electric vehicle sector.
Despite the promising market cap, VinFast is navigating through challenges as reflected in its current P/E Ratio of -2.96, which suggests that the company is not currently profitable. This aligns with an InvestingPro Tip indicating that analysts do not expect VinFast to be profitable this year. Additionally, with a Gross Profit Margin of -39.54% for the last twelve months as of Q1 2024, the company is facing headwinds in terms of profitability and cost management.
However, VinFast's recent revenue growth figures paint a more positive picture. The company has seen a substantial increase in revenue, with a growth rate of 160.45% over the last twelve months as of Q1 2024. This impressive expansion is further highlighted by a quarterly revenue growth of 268.45% in Q1 2024. Such figures may signal strong market demand for VinFast's electric vehicles and could be a harbinger of future financial improvement, despite current profitability challenges.
Investors interested in a deeper dive into VinFast's potential can explore additional InvestingPro Tips for a comprehensive analysis. Currently, there are 16 additional tips available on InvestingPro that cover various aspects of the company's financial health and stock performance. For those considering an InvestingPro subscription, use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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