EV maker received largest ever NC state subsidy, now it posted $623M loss | Eastern NC Now

A new VinFast earnings report shows the electric car company slated to receive the largest taxpayer subsidy in North Carolina history lost $623 million this summer, with net losses now eclipsing $5 billion since 2021.

The earnings report released Thursday shows VinFast’s revenue swelled 3.8% from the second quarter to $342.7 million, as net losses continued to rise by 20% to $622.9 million, putting the company on track to post its biggest yearly loss in the last three years.

Thursday’s report follows a groundbreaking in late July at the company’s first facility outside of Vietnam in Chatham County, where VinFast is expected to start production by 2025 after postponing the launch by a year.

The $4 billion facility is funded in part by taxpayers “to lead the EV revolution” through a state incentive package that could reach $854 million over 32 years if the company achieves its investment and hiring goals, which include 7,500 jobs at the plant by 2027. Chatham County is expected to contribute another roughly $400 million.

https://justthenews.com/nation/states/center-square/recipient-largest-state-subsidy-posts-623m-loss-most-three-years