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N.Carolina plant to start production from 2028 instead of

2025

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Deliveries reached 12,058 units in Q2, up 24% q-o-q

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Deliveries forecast for 2024 trimmed to 80,000 cars from

100,000

By Phuong Nguyen

HANOI, July 13 (Reuters) - Vietnamese electric vehicle

(EV) maker VinFast is delaying the launch of its planned

$4 billion factory in North Carolina to 2028 and cutting its

delivery forecast for this year by 20,000 units amid

uncertainties in the global EV market.

VinFast, founded by Vietnam's richest man Pham Nhat Vuong in

2017 and which turned to making fully electric vehicles in 2022,

said it would now deliver 80,000 vehicles this year, down from

the initially planned 100,000.

Sales at the Vietnamese EV maker rose 24% to about 12,000

vehicles in the second quarter, compared with the previous

three-month period. In total, VinFast sold 21,747 units in the

first half of 2024, an increase of 92% against the same period

last year, but around one-fourth of the new yearly forecast.

"While the second-quarter delivery results were encouraging,

ongoing economic headwinds and uncertainties in different

macro-economies and (the) global EV landscape necessitate a more

prudent outlook for the rest of the year," VinFast said in a

statement on Saturday.

The EV maker still expects strong sales growth in the second

half of the year, driven by a diverse product range and

expansion in key regions, including new markets in Asia and

existing markets.

In its statement, VinFast said it would delay the launch of

its planned factory in North Carolina to 2028 from the current

plan of 2025. Reuters had reported a possible delay in May,

citing a person briefed on the matter.

VinFast had announced in 2022 that it would build an EV and

battery factory in the United States with an annual production

capacity of 150,000 vehicles, seeking to take advantage of the

Biden administration's efforts to approve subsidies for EVs made

in America.

However, demand for EVs has faltered amid high borrowing

costs and as buyers turn to cheaper gasoline-electric hybrids,

forcing many automakers to reassess their plans for new

factories and models.

"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," VinFast

said.

"The adjustment doesn't change VinFast's fundamental growth

strategy and key operating targets."

VinFast, which has yet to make a profit, logged a net loss

of $618 million in the first quarter. Revenue for the period

nearly tripled from a year earlier but tumbled 31% from the

previous three months.

The company is set to announce its second-quarter results on

Aug. 15.