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VinFast pushes back US EV plant operations to 2025

Vietnam’s VinFast said earlier on Friday that it would delay plans to begin operations at its electric vehicle facility in the United States until 2025, as the company required “more time to complete administrative procedures.”

VinFast, a unit of Vingroup JSC, had announced the plan to establish a $4 billion EV plant in North Carolina’s Chatham County in March 2022 and it targeted the facility commissioning for July 2024.

As soon as the plant manufactures the EVs, VinFast clients may be able to take advantage of incentives under the US Inflation Reduction Act.

VinFast expects the plant to add over 7,000 jobs and to produce around 150,000 vehicles annually.

The company began selling vehicles outside Vietnam last week, as it delivered the first 45 cars in California on the first day.

VinFast’s full-year 2022 revenue stood at $631 million (14.9 trillion dong*), a 7% drop from a year ago.

Its net loss widened to 49.8 trillion dong in 2022 from 32.2 trillion dong a year earlier.

*$1 equals 23,670 dong is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

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