VinFast Delays Production Start in Chatham County to 2028, Adjusts Deadline

Money | July 14, 2024, 9:13 a.m.

VinFast has adjusted its timeline for the launch of its North Carolina manufacturing facility to 2028, allowing for better capital allocation and short-term spending management while focusing on supporting growth targets. Despite encouraging second-quarter delivery results, economic uncertainties prompted a more cautious outlook for the rest of the year. The company remains confident in its growth strategy, anticipating strong sales driven by competitive pricing, a diverse product range, and an expanding global distribution network. Chairwoman Thuy Le emphasized the company's ability to adapt to market volatility and challenges. VinFast plans to capitalize on the shift to electric vehicles in Vietnam with its established charging infrastructure, flexible battery subscription policy, and strong customer service. The company will release its financial results for 2Q24 in August and remains committed to expanding its presence in key markets. Although facing delays, VinFast is navigating the global EV landscape with a strategic and customer-focused approach.