Vietnamese EV maker VinFast delays US factory launch to 2028, cuts delivery forecast

From Investing.com: 2024-07-12 21:05:43

Vietnamese EV maker VinFast delays $4 billion factory launch in North Carolina to 2028, cuts delivery forecast by 20,000 units for 2024 amid global EV market uncertainties. Sales rose 24% to 12,000 vehicles in Q2, 92% increase in first half. Company still expects strong growth in second half with diverse product range.

VinFast’s planned North Carolina factory delay to 2028 from 2025 due to economic headwinds and global EV landscape uncertainties. Company aims to optimize capital allocation, focus on near-term growth targets. Recent net loss of $618 million in Q1, revenue nearly tripled year-on-year.

Total VinFast sales in first half of 2024 reached 21,747 units, but below new yearly forecast. Company expects strong sales growth in second half, driven by diverse product range and expansion in key regions. Second-quarter results to be announced on Aug. 15.



Read more at Investing.com: Vietnam’s VinFast delays US electric car plant amid market slowdown By Reuters