VinFast won't complete North Carolina plant until 2028 in updated timeline

VinFast's planned North Carolina electric vehicle plant is facing another significant setback, with the Vietnamese company delaying the opening of its Chatham County facility until 2028, four years later than its initial goal.

Why it matters: VinFast 's $4 billion Chatham County plant is projected to be one of the largest manufacturing facilities in the state — potentially employing 7,500 people — if it ever gets off the ground.

• But the project, which could earn $1.2 billion in incentives from the state and local governments, has seen a continuous string of delays .

State of play: When the company announced it was expanding to North Carolina two years ago, it set an ambitious deadline of producing cars here by 2024.

Driving the news: The company said in a statement that delaying the construction of the plant would help it "optimize its capital allocation and manage its short-term spending more effectively," according to Reuters .

• The company also revised its forecast of sales this year to 80,000 vehicles, down from 100,000, citing "economic headwinds."

By the numbers: VinFast reported selling 21,747 units in the first half of 2024, up 92% compared to last year.

• But the company has not yet turned a profit and is losing a significant amount of money, including $618 million in the first quarter, according to Reuters.

The intrigue: The state's agreement does offer it some protection against VinFast, if the company never builds its factory.

• Much of the incentives would only be paid if the company meets hiring and investment goals.
• And the state can also buy back the land from VinFast if the company misses hiring deadlines, including one deadline that is July 1, 2026, The News & Observer reported .