The $4 billion plant was scheduled to launch by July 2026. According to initial plans, the complex was to include the production of electric vehicles and batteries, as well as create over 6,000 new jobs in the region.
However, not a single production building has been erected on the 700-hectare site. The company has already officially postponed the plant’s launch to 2028 and revised its plans regarding production volumes and the number of employees.
Why the U.S. market is unpromising
The problems with the American project arose against the backdrop of a challenging situation in the U.S. electric vehicle market. Key factors cited include VinFast’s significant financial losses, changes to government support programs for electric vehicle manufacturers, and the elimination of the $7,500 federal tax credit for electric vehicle purchases.
The situation surrounding the North Carolina plant has already turned contentious. State authorities filed a lawsuit against VinFast demanding the return of the land and compensation for $80.2 million in public funds spent on road construction and infrastructure preparation for the future facility.
The lawsuit states that the company failed to fulfill its commitments regarding investment timelines, the start of construction, and the creation of new jobs.
Which markets are more promising
? At the same time, the company continues to actively develop its manufacturing projects in other countries. In particular, VinFast is expanding its presence in India and Indonesia, where it sees more favorable conditions for business development.
The story with the American plant could become one of the most striking examples of how the rapid cooling of the global electric vehicle market is forcing manufacturers to reconsider even the most ambitious investment projects. For VinFast, this is also a serious test of its global expansion strategy, which just a few years ago envisioned an aggressive conquest of the U.S. market.
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