NEW YORK: VinFast Auto Ltd plans to resume construction at its North Carolina factory this year even as losses in the fourth quarter widened and costs tied to its global expansion continue to rise.
The factory was put on hold in 2024 after the Vietnamese electric vehicle (EV) maker said it would delay construction by three years. VinFast expects to begin operations in 2028. Sales of EVs in North America are forecast to drop 16% this year from 2025, according to BloombergNEF.
The US factory’s scale is likely to be much smaller than first envisaged.
VinFast told local officials that the plant in Chatham County would employ about 1,400 workers – around 80% fewer than the 7,500 jobs originally promised, according to Business North Carolina. — Bloomberg
