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Vietnam-based electric vehicle maker VinFast Auto (NASDAQ:VFS) has slashed its full-year outlook for EV deliveries and delayed its North Carolina production facility, citing macro headwinds and uncertain market conditions.
Detailing its Q2 output, Hai Phong City-based VinFast (VFS) said it delivered 12,058 vehicles for the quarter and 21,747 EVs during the first half of the year, indicating ~26% and ~92% growth, respectively, from the corresponding period last year.
“While the second-quarter delivery results were encouraging, ongoing economic headwinds and uncertainties in different macro-economies and global EV landscape necessitate a more prudent outlook for the rest of the year,” the company added.
VinFast (VFS) cut its 2024 forecast to 80K from 100K, implying 2.3x year-over-year growth from 2023, when its EV deliveries stood at 34,855.
Additionally, the company revised its timeline for its North Carolina manufacturing facility, delaying its launch to 2028 due to a prudent expansion plan.
The $4B EV plant in Chatham County, North Carolina, which was set to become VnFast’s (VFS) first overseas manufacturing plant, was previously expected to begin production in 2025.