VinFast Delays US Production to 2028

VinFast's U.S. Launch Struggle - VinFast faced challenges when entering the U.S. market, which were further exacerbated by the slow adoption of electric vehicles.

The company has made the decision to postpone their project for a manufacturing facility in North Carolina.

[{"selector":"#anim-faa34134-3821-4da1-93db-470989fdb75c [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(47.99363406910891%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2600,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

Initial Plans vs. Reality - In March 2022, it was announced that the plant would begin production in July 2024.

[{"selector":"#anim-0f9123db-ccaa-4682-8cfd-dec4f6a9bfcb [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(29.703598170485478%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2600,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

We have plans to manufacture up to 150,000 VF 8s and VF 9s every year.

[{"selector":"#anim-61eb18c3-b1a4-466f-aeab-ec5816bf2630 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(61.28402606405562%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2600,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

Unfortunately, despite receiving $1.2B in incentives, the plans ultimately fell through.

[{"selector":"#anim-14e68932-bc6a-4233-a0cc-10d3bd82e60e [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(41.86266875022151%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

Groundbreaking and Changes - Exciting news! A groundbreaking ceremony was held in the summer of 2023, marking an important milestone.

[{"selector":"#anim-a00fe193-86f7-437a-8f3d-a7f8ff961ca4 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(22.779604688751473%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

Additionally, the highly anticipated VF 7 has been officially added to the production list. This is definitely something to look forward to!

[{"selector":"#anim-787680bd-ee43-43a2-ae28-a692a70a29cb [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(63.50015510976108%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2600,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

Looks like there's been a delay in production, pushing the timeline back to 2028, which is four years behind schedule.

[{"selector":"#anim-6b6080c2-abd9-4d93-9088-3472bad9cd82 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(29.618562175676093%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

The plant has significantly decreased in size, and the current site remains largely undeveloped.

[{"selector":"#anim-5ca050e5-21ec-4de7-8085-1897f894a90d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-62.48124977233768%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

Strategic Shift and Financial Prudence - VinFast is committed to efficiently allocating capital and prioritizing short-term growth.

[{"selector":"#anim-ee547eff-8787-4162-ac0c-25bbdf8ebd2e [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(59.77699480491101%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2600,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

Chairwoman Thuy Le highlights the importance of proceeding with caution in light of the current market volatility.

[{"selector":"#anim-7edd5314-809f-438e-bb85-af60bef7818c [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(7.105427357601002e-15%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

We are very confident in our long-term strategy and our ability to adapt to the ever-changing global EV market needs.

[{"selector":"#anim-a0c435c4-c730-4c8c-9fd2-d2955106991d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(20.155501374246136%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

Sales Performance - We delivered a total of 12,058 vehicles in the second quarter, which represents a significant 26% increase compared to the same period last year.

[{"selector":"#anim-d1df5723-a57a-482d-80ea-2e4e46c19173 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(6.754082115833846%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

In 2024, our goal is to sell 80,000 vehicles worldwide, which is a significant increase from the 34,855 vehicles sold in 2023.

[{"selector":"#anim-1259aeee-3f9b-493b-9c36-6dfbbe1b5645 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(39.4727957040303%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

We have to significantly increase our sales rate in the second half of the year in order to meet our target.

[{"selector":"#anim-71ab9147-ee2d-4f01-9449-4f19a4f2d38d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(37.5070665408156%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]