CHATHAM COUNTY, N.C. (WTVD) — Electric vehicle company VinFast has delayed production again of its Chatham County plant.

The facility was set to open this summer. But, according to a Friday press release, VinFast is expected to begin production of the manufacturing facility in 2028, saying in part:

“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. Our robust long-term strategy and proven execution capabilities position us well to meet the evolving needs of the dynamic global EV market,” Madam Thuy Le, Chairwoman of the Board of Directors, said in the release.

‘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.

“We have been surprised that they haven’t been as aggressive,” Eric Andrews, who sits on Chatham County’s Planning Board, said.

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 over 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.

EDITOR’S NOTE: The featured video is from a previous report.