VinFast postpones expansion in Thailand, global electric car market cools down
AshleyAug 23, 2024, 04:43 PM
Vietnamese electric vehicle manufacturer VinFast Auto Ltd recently announced a delay in its expansion into the Thai market, and the originally planned dealership network will be put on hold. This decision is largely due to the overall sluggishness of the Thai passenger car market and the global downturn in the electric vehicle market.
VinFast said in a statement that the company will reassess the timing of entering the Thai market. This decision echoes the challenges faced by electric vehicle manufacturers worldwide. Automobile giants like Ford, General Motors, Volkswagen and Tesla have recently downgraded their electric vehicle production targets. And in response to the current market situation, VinFast announced last month that it will delay the start of production at its new North Carolina factory by three years to 2028 in order to optimize resource allocation and focus on short-term growth. At the same time, the company has revised its annual sales target from 100,000 units to 80,000 units.
VinFast emphasizes that the delay in the Thai market expansion is to ensure that its business operations meet global standards. In March of this year, the company had signed letters of intent with multiple Thai dealers with plans to open 22 showrooms in the greater Bangkok area. Despite this, Thailand remains an important part of VinFast's global strategy. The company said that business plans in other regions will remain unchanged, apart from the Thai market.
VinFast founder Phạm Nhật Vượng has publicly stated that he is full of confidence in the future of the company and is willing to fully support the company's development. The company plans to expand its business to 50 countries worldwide by 2024 and has launched new production projects in India and Indonesia.
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