Vinfast Revises U.S. Factory Timeline and Delivery Goals Amid Mounting Challenges

Vinfast has postponed the launch of its North Carolina manufacturing plant, announced on Saturday, and simultaneously reduced its delivery goal for the year 2024.

In a recent statement detailing its financial performance for the second quarter, Vinfast announced a delay in the commencement of vehicle production at its new plant to 2028, a shift from the previously projected date of 2025 mentioned in the latest project report. It has been noted that earlier this year, work at the expansive 2,000-acre location in Chatham County, which is in proximity to Raleigh, the state's capital, had been temporarily halted.

The announcement stated that by making this choice, the business will be able to enhance how it distributes its financial resources and control its immediate expenditures better.

Vinfast's Model VF 9

In 2022, Vinfast declared that it secured a deal worth $1.2 billion in incentives from North Carolina. The company indicated that this would bolster its $2 billion initial investment towards the construction phase. Initially, Vinfast had set the factory's opening year as 2024. However, they informed investors recently that they're targeting to finish the facility by 2025, with a goal to produce 150,000 vehicles each year.

In a recent announcement, Vinfast has adjusted its delivery goal for the year to 80,000 vehicles, a decrease from the initial aim of 100,000 units. The company has recorded the delivery of 21,747 vehicles in the first six months of 2024, with the second quarter accounting for 12,058 of those. To meet the revised target, Vinfast has a significant distance to cover, yet achieving it would represent a substantial rise from the 34,855 vehicles the company delivered the previous year, in 2023.

VinFast's Model VF 3

Earlier in the year, it seemed that Vinfast wasn't hitting its sales goals, despite expanding its presence in the U.S. with the addition of dealer franchises. This strategy shift contrasts with the direct-sales approach that Tesla initiated and other electric vehicle contenders such as Lucid and Rivian have adopted. By April, the car manufacturer had established 18 franchised dealers across seven states, as well as operating 15 of its own retail and service locations in California, which holds the title for the biggest electric vehicle market in the country.

Vinfast's only vehicle currently available in the U.S. market is the VF 8, an electric crossover SUV. Initial impressions from a test drive conducted last year suggested that the vehicle seemed unprepared for the market. Additionally, the company's upcoming three-row electric SUV, the Vinfast VF 9, has received an official EPA range rating of 330 miles, though it has yet to be delivered to customers. Vinfast has also unveiled various smaller crossover designs and a pickup truck in the concept stage and has started accepting pre-orders for its compact VF 3 mini-SUV.

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