VinFast delays U.S. electric vehicle plant operation to 2025
Permit from local authorities to start construction. It still needs a permit from the U.S. Army Corps of Engineers designed to minimize damage to water quality and wetlands.
The plant, with phase one including capital expenditures for the construction of $1.4 billion, is expected to create more than 7,000 jobs and churn out 150,000 vehicles a year, according to the company's latest prospectus released on Thursday. Last year VinFast filed for an initial public offering in the United States to list on the Nasdaq to fund its the plant construction.
VinFast started its first sales outside Vietnam last week, delivering its first 45 cars in California on the first day. Its revenue in 2022 was 14.9 trillion dong , down about 6.9% against 2021. Net losses rose 55% to 49.8 trillion dong from 32.2 trillion dong, its latest prospectus showed.
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