Vinfast is basically owned by one family who made their fortune in real estate. Their EV sales are not coming close to projections/ needs, 35,000 sold last year (10% of stated capacity) and half of those sold to a sister taxi company. They’re trying to expand sales overseas like the other dozen startup EV companies. Last quarter showed $600,000,000 loss.
The company is leveraged, how high is still the question to sort out. Meanwhile, Vietnam is going through anti-corruption campaign. They just sentenced to DEATH, the country’s largest billionaire for fraud. 80 others are in the mix.
My bet, this NC plant will never get built. The hype will fade away. In about five years, someone will scoop in and build a horse farm on 1,000 acres of cleared land. They’ll probably get environmental credits to fix the mud pit sitting there now.
Not sure I agree with you, but it is disappointing.
VinFast makes terrific cars.
I sure hope they still plan to make them in America.