Vietnamese electric vehicle (EV) manufacturer Vinfast Auto has revised its 2024 EV delivery target downward and postponed the commencement of production at its North Carolina plant by three years due to economic challenges.
“We have adopted a more cautious 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 plans to deliver 80,000 EVs in 2024, a reduction from the previously set 100,000 units. The company missed its 2023 target of 40,000-50,000 deliveries, having delivered 21,747 units in the first half of the year.
The $2 billion North Carolina plant, initially scheduled to begin production in 2025, will now start operations in 2028. Additionally, Vinfast is investing $2 billion in a new EV plant in Tamil Nadu, India, which is set to open in the first half of 2025 with a production capacity of 150,000 units per year.
The global battery and EV sectors are facing 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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