The wait just became longer. Vietnamese electric vehicle manufacturer VinFast recently announced it is halting the production of its Chatham County facility until 2028.
The facility was set to open this summer. But, according to a Friday news release , VinFast is expected to begin production of the manufacturing facility in 2028.
"This decision will allow the company to optimize its capital allocation and manage its short-term spending more effectively, focusing more resources on supporting near-term growth targets and strengthening existing operations ... The adjustment doesn't change VinFast's fundamental growth strategy and key operating targets. The Company anticipates strong sales growth in the second half of this year, driven by a diverse product range with competitive pricing targeting a larger customer base and a rapidly expanding global distribution network in key regions, including new markets in Asia and existing markets adopting a dealership model.
"We have adopted a more prudent outlook that is carefully calibrated to near-term headwinds, taking into full consideration the realities of market volatility and potential challenges," wrote Madam Thuy Le, chairwoman for the Board of Directors. "Our robust long-term strategy and proven execution capabilities position us well to meet the evolving needs of the dynamic global EV market."
The news follows recent developments of Apple pausing its plans to expand into the Triangle.
A representative for VinFast did not comment further on the company's Chatham County delay.
The site is in the southeastern part of the county near where US-1 and Old US-1 meet.
"It wasn't totally unexpected," said land broker Eric Andrews. "I mean we've seen some things along the way. Where we thought things might be slowing down and the company VinFast wasn't being aggressive as we thought were going to be initially."
According to the release, the company boasted nearly 21,800 electric vehicle deliveries in the first half of 2024 -- up 92% year-over-year against the same period in 2023.
"I don't know, maybe they'll make a judgment over the next four years if things don't work out for them, they may just pull out and move elsewhere or something," said Pittsboro's Harry Horton. He's been following the latest developments regarding the company and would still like to see VinFast begin its anticipated North Carolina operations.
"I wouldn't mind it seeing it go through," added Horton. "You can basically plan it to where it won't really impose too much on the rural character of the county too much."
Gov. Roy Cooper's office did not respond to a request for comment and Chatham County Economic Development representatives deferred comments to VinFast.
"There was sort of anticipation that it wasn't going to be on track at all. And I guess that just accelerates that question now that it's 2028, will it happen at all?" said business owner Kathie Russell.
'Much-celebrated arrival'
In April 2023, VinFast asserted it remained "fully committed" despite announcing it had pushed the planned opening date to 2024 to 2025.
In July 2023, company leadership was joined by state and local officials for an official groundbreaking event in Moncure despite not much progress.
The initial Foundation Permit for the General Assembly building was listed at 995,500 square feet in July 2023, but VinFast later submitted revised plans that reduced the square footage to 782,255, a decrease of more than 20%.
In April 2024, the company submitted additional revisions to the building, for a size of 810,000 square feet.
VinFast pledged $4 billion toward building out the state's first auto assembly plant while bringing 7,500 jobs to the area.
The company's much-celebrated arrival, which saw Moncure beat out 29 other locations across 12 states, was hailed as a major victory for one of the state's fastest-growing regions.
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