TECH - Tesla Rival VinFast Faces New Hurdle As North Carolina Factory Delay Compounds EV Maker's Struggles | Benzinga
In a recent development, Vietnamese electric vehicle (EV) manufacturer VinFast Auto Ltd. (NASDAQ:VFS) has announced a three-year delay in the construction of its US factory, further complicating its global expansion plans.
What Happened: VinFast has also scaled down its annual sales target from 100,000 to 80,000 units, Bloomberg reported on Monday. The postponement of the North Carolina factory, declared on Saturday, is likely to exert additional strain on the company’s sales forecast.
Tyler Manh Dung Nguyen, Chief Market Strategist at Ho Chi Minh City Securities Corp., characterized the U.S. market as “tough” for VinFast, particularly in light of the ongoing consumer transition from full EVs to hybrid vehicles. He further stated that the absence of a U.S. manufacturing facility could present additional obstacles ...