Vietnamese electric vehicle (EV) manufacturer Vinfast Auto has reduced its 2024 EV delivery goal and postponed the start of production at its North Carolina plant by three years, citing 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," said Le Thi Thu Thuy, chairwoman of Vinfast's board of directors, on June 12.
Vinfast now aims to deliver 80,000 EVs in 2024, down from the 100,000 units previously set. The company missed its 2023 target of 40,000-50,000 deliveries, with 21,747 units delivered in the first half of the year.
Construction of the $2 billion North Carolina plant, initially scheduled to begin production in 2025, will now start in 2028. Vinfast is also investing $2 billion in a new EV plant in Tamil Nadu, India, set to open in the first half of 2025 with a production capacity of 150,000 units per year.
Global battery and EV sectors are grappling with economic and geopolitical challenges, including high interest rates and market barriers such as tariffs on Chinese EVs by the US and EU, and potential duties in Canada.
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