VinFast, the electric car manufacturer committed to building a manufacturing facility in Chatham County, announced an adjustment to the original timeline for the launch of its North Carolina location.
The factory, which officials said could bring 7,500 jobs to the area, was originally expected to open in late 2025. Now production won’t begin until 2028, the company said.
While the Vietnamese carmaker continues to grow worldwide, delivering about 25% more vehicles than a year ago, the company said, “ongoing economic headwinds and uncertainties in different macro-economies and global EV landscape necessitate a more prudent outlook for the rest of the year.”
VinFast has said it plans to invest $4 billion in the Chatham County factory, which will have the capacity to produce up to 150,000 electric vehicles each year in the first phase of the project.
In April, WRAL News reported VinFast had scaled down the size of its manufacturing plant in Moncure to 782,255 square feet, a 20% reduction from the original plans for a 995,500-square-foot building.
The company has opened dealerships in Cary and in Greensboro, where drivers can purchase electric SUVs and sedans.
In Chatham County, commissioners have approved plans for the VinFast general assembly building and body shop within the past 90 days, but county leaders still need additional information to finalize those permits.
Thuy Le, chairwoman of the VinFast board of directors, said, “We have adopted a more prudent outlook that is carefully calibrated to near-term headwinds, taking into full consideration the realities of market volatility and potential challenges. Our robust long-term strategy and proven execution capabilities position us well to meet the evolving needs of the dynamic global EV market.”
“This decision will allow the company to optimize its capital allocation and manage its short-term spending more effectively, focusing more resources on supporting near-term growth targets and strengthening existing operations,” said officials in a release.
The company also announced that it will release its 2Q24 financial results before the market opens on August 15, 2024.
