July 13: Due to global EV market uncertainty, VinFast is postponing the start of its $4 billion North Carolina facility until 2028 and decreasing its delivery target for this year by 20,000 units.
VinFast, formed by Vietnam’s wealthiest man, Pham Nhat Vuong, in 2017 and switching to electric cars in 2022, claimed it will deliver 80,000 vehicles this year instead of 100,000.
The Vietnamese EV maker’s second-quarter sales jumped 24% to 12,000 units. VinFast sold 21,747 units in the first half of 2024, up 92% from last year but just 25% of the revised annual target.
“While the second-quarter delivery results were encouraging, ongoing economic headwinds and uncertainties in different macro-economies and (the) global EV landscape necessitate a more prudent outlook for the rest of the year,” VinFast said in a statement.
The EV producer predicts significant second-half sales growth due to a diversified product range and expansion in key geographies, including new Asian and current markets.
VinFast said it will postpone its North Carolina manufacturing debut until 2028 from 2025. In May, Reuters reported a probable delay, citing a source.
VinFast declared in 2022 that it will develop a 150,000-vehicle-per-year US EV and battery facility to take advantage of the Biden administration’s initiatives to subsidize American-made EVs.
EV demand has fallen due to high financing prices and the rise of gasoline-electric hybrids, causing manufacturers to rethink their new factory and model plans.
