Hyperdrive
EV Maker VinFast to Delay Opening of US Factory by Three Years
- Pullback comes amid deteriorating outlook for global EV market
- Billionaire founder vowed to spend all his wealth on VinFast
VinFast currently exports made-in-Vietnam vehicles to the US, which accounted for more than 10% of its deliveries in the first quarter of this year.
Photographer: Linh Pham/BloombergThis article is for subscribers only.
VinFast Auto Ltd. said it will delay the opening of its electric vehicle factory in North Carolina by three years to 2028, adding to the Vietnamese company’s challenges of becoming a global brand.
The decision will allow it to manage short-term spending “more effectively” and focus resources on near-term growth targets, the automaker said in a statement. It also lowered its full-year sales target to 80,000 units from 100,000 previously.