Chatham County, N.C. - Electric vehicle company VinFast has announced yet another delay in the production start of its highly anticipated Chatham County plant. Originally scheduled to open this summer, VinFast now expects production to commence in 2028, according to a press release issued on Friday.

The decision to push back the opening date is part of VinFast's strategy to optimize capital allocation and manage short-term spending more effectively. By reallocating resources towards supporting near-term growth targets and strengthening existing operations, the company aims to navigate market volatility and potential challenges.

Despite the delay, VinFast remains confident in its fundamental growth strategy and key operating targets. The company anticipates robust sales growth in the second half of this year, driven by a diverse product range with competitive pricing, targeting a larger customer base. Additionally, VinFast is actively expanding its global distribution network in key regions, including new markets in Asia and existing markets adopting a dealership model.

Madam Thuy Le, Chairwoman of the Board of Directors, expressed confidence in the company's long-term strategy and execution capabilities, stating, "Our robust long-term strategy and proven execution capabilities position us well to meet the evolving needs of the dynamic global EV market."

This is not the first time VinFast has adjusted its projected opening date. In April 2023, the company announced a delay, pushing the planned opening from 2024 to 2025. A groundbreaking event in July 2023 was held with state and local officials to celebrate the start of construction, although progress has been slower than expected.

Chatham County leaders have expressed their surprise at the construction's slower pace. Eric Andrews, a member of Chatham County's Planning Board, stated, "We have been surprised that they haven't been as aggressive."

Furthermore, revisions to the building plans have been submitted by VinFast. The initial Foundation Permit listed the General Assembly building at 995,500 square feet in July 2023. However, later plans resulted in a reduction of the square footage to 782,255, a decrease of over 20%. In April 2024, the company submitted additional revisions, increasing the size to 810,000 square feet.

VinFast's arrival in Chatham County was highly anticipated, with the company pledging $4 billion towards building the state's first auto assembly plant and bringing 7,500 jobs to the area. The selection of Moncure as the plant's location over 29 other locations across 12 states was hailed as a major victory for the rapidly growing region.

While the delays are disappointing, Chatham County leaders maintain that the growth in the area remains strong. The VinFast plant is seen as a significant driver for economic development in the region, and despite the setbacks, expectations remain high for its eventual opening.

VinFast's decision to delay production and optimize capital allocation underscores the challenges faced by companies in a rapidly evolving market. The company's ability to adapt and meet the evolving needs of the dynamic global EV market will be crucial in its future success.

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