Vietnamese automaker VinFast said last week that it will postpone the start of operations at its electric car plant in the United States until 2025, citing “procedural delays.
Last March, the Vingroup JSC subsidiary announced it would build a $4 billion (currently about 27.76 billion CNY) electric car plant on 712 hectares of land in Chatham County, N.C., with production scheduled to begin in July 2024.
“We need more time to complete the administrative process,” VinFast said in a delayed statement, though they didn’t specify when the plant is expected to start operations in 2025.
VinFast received a license from the local government last month and started building the new factory. Of course, it still needs a permit from the U.S. Army Corps of Engineers to minimize damage to water quality and wetlands.
According to the latest prospectus issued by the company on Thursday, the first phase of the plant includes a construction capital expenditure of 1.4 billion US dollars (currently about 9.716 billion CNY), which is expected to create more than 7,000 jobs and produce 150 million CNY per year. million cars.
Last year, VinFast filed to list on Nasdaq in the US to raise funds for its factory construction. VinFast began selling cars outside Vietnam for the first time last week, delivering its first 45 vehicles in California on day one.
Its revenue in 2022 will be 14.9 trillion VND (currently about 4.366 billion CNY), a decrease of about 6.9% compared to 2021. The company’s latest prospectus showed a 55% increase in net loss from VND32.2 trillion to VND49.8 trillion.