Vinfast Auto, the Vietnamese electric vehicle manufacturer, has revised its 2024 EV delivery goal downward and delayed the start of production at its North Carolina plant by three years due to economic challenges.
“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,” stated Le Thi Thu Thuy, Vinfast’s chairwoman, on June 12.
The company now plans to deliver 80,000 EVs in 2024, a reduction from the earlier target of 100,000 units. In 2023, Vinfast fell short of its 40,000-50,000 delivery goal, managing only 21,747 units in the first half of the year.
The $2 billion North Carolina plant, initially set to commence production in 2025, is now scheduled for 2028. Concurrently, Vinfast is investing $2 billion in a new EV plant in Tamil Nadu, India, slated to open in the first half of 2025 with an annual production capacity of 150,000 units.
The global battery and EV sectors face numerous economic and geopolitical challenges, including high interest rates and market barriers like US and EU tariffs on Chinese EVs, as well as potential duties in Canada.
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