VinFast factory delays reflect difficulties in EV market
IMPOSSIBLE FOR A TRIAL TO
HAPPEN BEFORE NOVEMBER'S
ELECTION. THANK YOU, BRENT
VINFAST IS TAPPING THE BREAKS
ONCE AGAIN ON THEIR
MANUFACTURING PLANT. THE
COMPANY ANNOUNCING NOW THAT
MANUFACTURING WILL START AT
THAT 2000 ACRE CHATHAM COUNTY
SITE UNTIL 2028, 4 YEARS LATER
THAN THEIR INITIAL PLAN.
WRAL'S MONICA CASE, YOU SPOKE
WITH AN ECONOMIST ABOUT WHAT
THIS LATEST DELAY MEANS TO THE
COMPANY AND THE STATE'S
INCENTIVES FOR THE DEVELOPMENT.
>> ADJUSTING THE TIMELINE IS
THE TERM VINFAST IS USING FOR
THIS LATEST DELAY. THE COMPANY
SAYS SLOWING PRODUCTION HERE.
WE'LL LET THEM CAPITALIZE ON
THE GROWING EV MARKET IN
VIETNAM. A COMPANY TRYING TO
CATER TO CUSTOMERS IN A NEW
LOCATION AND A TOUGH ELECTRIC
VEHICLE MARKET HAVE SET OFF
HAZARD LIGHTS FOR VINFAST
CHATHAM COUNTY DEVELOPMENT OF
THE BIG ISSUE WITH WITHIN FAST.
AND THEN OBVIOUSLY WITH NORTH
CAROLINA'S.
>> AM I INVESTING IN THE PAST?
WELL, THESE ISSUES CAN OVERCOME
SAID ENOUGH 2 TO SAY THAT PAST
NC STATE ECONOMIST MIKE WALDEN
TELLS WRAL THE PROBLEMS FOR THE
COMPANY ARE RELATED TO ITS
PRODUCT, BUT RATHER TO CURRENT
MARKET TO PUTIN AND ECONOMIC
TERMS. I
>> INVEST IN SPACE IN A MICRO
PROBLEM THAT IS RELATED TO THEM
SPECIFICALLY AND JUST GETTING
GOING.
>> SECOND PROBLEM IS A MACRO
PROBLEM THAT ALL UP PRODUCERS
ARE DEALING WITH EV SALES HAVE
BEEN SLOWING NATIONWIDE.
VINFAST HAS BEEN HITTING SPEED
BUMPS SINCE THE ANNOUNCEMENT
IN MARCH OF 2022. AT THAT TIME
THE COMPANY SAID MANUFACTURING
AND PRODUCTION WOULD START BY
2024.
>> IN MARCH OF 2023 THAT
PRODUCTION DATE WAS DELAYED TO
2025. THE COMPANY SUBMITTED
PLANS FOR A SMALLER FACILITY
IN DECEMBER OF THAT YEAR.
AND NOW THEY'VE ANNOUNCED
PRODUCTION WON'T BEGIN UNTIL
2028 IN A STATEMENT, CHATHAM
COUNTY MANAGER DAN, THE MONTANG
SAYS THE COUNTY REMAINS
CONFIDENT WRITING, QUOTE, THE
COMPANY CLAIMS IT REMAINS FULLY
COMMITTED TO THE SUCCESSFUL
DEVELOPMENT OF ITS FIRST U.S.
PRODUCTION FACILITY IN CHATHAM
COUNTY, NORTH CAROLINA. IT
SHOULD BE NOTED THAT THE COUNTY
WILL ONLY PROVIDE ECONOMIC
INCENTIVE GRANTS BASED ON
PERFORMANCE MEASURED BY THE
CREATION OF ELIGIBLE JOBS IN