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PITTSBORO, North Carolina (WTVD) — It’s been just nine months since electric automaker VinFast broke ground on a new multibillion-dollar factory with the logo in Chatham County.
The announcement touted the creation of thousands of new jobs and the design of a gigantic meeting floor, but as of April little progress had been made and no vertical structure was in sight.
This comes as investor enthusiasm for the company has waned. The company’s shares are trading at between $2 and $3 per share, well below the $80 value it had in August 2023. The company also reported a shortfall in sales and profit in the first quarter. quarter of 2024.
“There will be no structure in place until this permit review is issued,” Chatham County spokeswoman Kara Lusk said.
Several entry permits are being reviewed, adding a basic permit that VinFast recently reduced, under the newest plan.
In July 2023, Chatham County’s Central Department of Permits and Inspections issued a basic permit for the 995,500-square-foot General Assembly building. However, VinFast came up with a revised basic plan that changed its square footage to 782,255 square feet.
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The design is also different in the final plane, showing it to be more oblong than the U-shape of the original design.
ABC11 reached out to VinFast for comment but got a reaction on Wednesday.
Lusk said an application for the construction of the structures workshop was submitted and is being reviewed, as well as a separate business permit application for water and sewer at the site that is also being reviewed.
“The Central Department of Permits and Inspections has issued several entry permits for retaining walls that are under construction, and the Central Department of Permits and Inspections has also issued entry permit announcements for generators,” Lusk said. “A similar permit has been issued for a Sanford pump station that will service VinFast. “
While the structure is paralyzed, some other people living near the structure’s site, on the outskirts of the city of Moncure, have expressed fear for its impact on the rural area.
“I’m worried this is turning into a disaster,” J. C. Smith said. “I’m just wondering when they’re going to go through to set up that car plant there, if the traffic will continue to go through here, if there’s going to be traffic to get through here. “some other front there. “
Smith said he doesn’t mind the plant attracting more people and jobs, but it will be a factor that some citizen veterans will have to deal with.
“I just wish they had done it somewhere else,” Smith’s wife said. “I don’t think they’re fair to the older generation. “
VinFast informed Chatham County of any adjustments to its capital investments or the number of jobs created by about 7,500, according to Lusk.
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