VinFast tells investors its North Carolina plant remains on track

• State and local governments have pledged more than $1.2 billion in incentives for the company if it meets hiring and investment goals.

Yes, but: Construction at the site, near Moncure, has slowed in recent months — and the company downsized its building plans and is still awaiting permit approvals, the News & Observer reported.

• The company already delayed its construction timelines, from 2024 to 2025, Axios previously reported.

What they're saying: In response to a question about the progress of the company's first U.S. facility during VinFast's earnings call, chairwoman Le Thi Thu Thuy said: "North Carolina is still ongoing."

• "We're still on track to start the operation by the end of next year," she said. "Hiring a lot of workers and putting in operations by the end of next year. But probably the full operations, that will take a couple of months."

Zoom in: VinFast hopes to have the capacity to build 150,000 cars per year at its Chatham plant — a significant capacity increase for the company.

• The company said it hopes to deliver 100,000 vehicles worldwide this year. But it delivered just 9,689 vehicles in the first quarter.
• Officials on the call said they anticipate a significant uptick in deliveries in the second half of the year, as a new model becomes available and more showrooms come online in the U.S. VinFast opened a dealership in Cary in recent months, for example.
• In addition to its Chatham County plant, VinFast is also building facilities in India and Indonesia.