VinFast to Resume NC Factory Construction Amid Losses

Vietnamese electric vehicle manufacturer VinFast announced plans to resume construction this year on its long-delayed factory in North Carolina, even as the company grapples with widening financial losses and a sluggish U.S. market. The move, detailed in the firm's latest quarterly earnings report, signals persistence in its American expansion despite broader industry pullbacks on electric vehicle investments.

The North Carolina facility, first outlined in a 2022 agreement with state officials, was initially slated to begin production of models like the VF8 and VF9 SUVs by mid-2024. Construction halted last year amid economic pressures and an uncertain EV landscape, pushing the timeline to 2028. Officials now project the plant will create about 1,400 jobs, an 80 percent reduction from the original 7,500-job commitment. The site spans 1,765 acres, with VinFast eligible for up to $315 million in state and local incentives over 32 years, provided it meets employment and investment milestones. Failure to deliver could trigger repayment demands, including $125 million in site preparation costs if fewer than 3,875 jobs materialize, or allow the state to reclaim developed portions of...