VinFast US Factory Delay Just the Latest Setback for EV Maker
- Analysts say downgraded 2024 outlook remains ‘ambitious’
- VinFast delays US factory by three years, cuts sales target
VinFast electric vehicles.
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VinFast Auto Ltd.’s decision to delay its US factory is the latest challenge to its ambition of becoming a global electric vehicle brand and places further pressure on its sales outlook, analysts say.
The Vietnamese EV maker announced on Saturday its North Carolina factory would be delayed by three years and lowered its full-year sales target from 100,000 to 80,000 units. Tyler Manh Dung Nguyen, chief market strategist at Ho Chi Minh City Securities Corp., described the outlook for VinFast in the US as “tough” as consumers shift from full EVs to hybrid cars.