VinFast Auto Ltd, a Vietnamese electric vehicle (EV) manufacturer, has decided to postpone the opening of its North Carolina EV factory by three years, now targeting 2028. This delay is part of VinFast's efforts to manage short-term spending more effectively and focus on near-term growth targets. The company has also revised its full-year sales target down to 80,000 units from the initial 100,000.

Despite the setback, VinFast remains committed to becoming a global brand. The decision to delay the factory underscores the challenges faced by the relatively lesser-known EV maker in a market that has seen volatility and reduced sales projections. Notably, several major manufacturers, including Ford, General Motors, Volkswagen, and Tesla, have adjusted their EV ambitions recently.

VinFast will now concentrate on near-term opportunities in select markets, optimizing capital and resource management while minimizing risks. The factory delay comes after VinFast's billionaire founder and CEO, Pham Nhat Vuong, expressed confidence in the company's growth. Although the factory's planned size and production capabilities remain unspecified, VinFast continues to export vehicles made in Vietnam to the US.

Despite the delay, VinFast anticipates stronger sales growth in the second half of 2024 as it expands its global distribution network in Asia and establishes dealerships in the US and other existing markets. The company's stock, which initially soared more than 700% during its US market debut, has since declined significantly.