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

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

Published: Monday, October 9th, 2023 @ 9:39 am
By: Countrygirl1411 ( More Entries )

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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

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Comments

Browny Douglas said:

( October 9th, 2023 @ 11:01 pm )

Try as I might. I can come up with no positives with reference to EVs or taxpayer funded soler jungles. Repeal HB 951.

Stan Deatherage said:

( October 9th, 2023 @ 4:19 pm )

All subsidies from all forms of government should end, even for oil companies.

All oil leases approved under the Trump administration should be reinstated, or ended by congressional legislation.

Immediately end all NGOs (public private partnerships - what a scam), and finally, one more thing: I cringe every time a RINO uses the words stake holder(s).

Concerned Taxpayer said:

( October 9th, 2023 @ 3:00 pm )

What a corrupt waste of taxpayer money. More stinking subsidies of electric cars that polls and actual dealer experience show that most people do not want to buy. And to a foreign company at that. Why should this boondoggle be foisted upon taxpayers? We need more conservatives and fewer RINOs in the legislature, more Keith Kidwells and fewer Jim Perrys.

VinFast’s losses continue to mount, officials still optimistic

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