Vietnamese electric-vehicle maker VinFast Auto Ltd is postponing the opening of its Thailand dealership network amid a broad slowdown in passenger car sales in Southeast Asia’s second-largest economy.

The company will “carefully evaluate” the timing of sales of its EVs in the country, according to an emailed statement to Bloomberg.

The delay comes as the outlook for the global EV market has deteriorated in the past year. Several of the world’s largest manufacturers including Ford Motor Co, General Motors Co, Volkswagen AG and Tesla Inc have dialled back their ambitions in recent months.

Last month, VinFast said it will delay the opening of a factory in North Carolina by three years to 2028 to manage short-term spending “more effectively” and focus resources on near-term growth targets. It also lowered its full-year sales target to 80,000 units from its previous goal of 100,000.

“We have postponed the launch of our dealerships in Thailand to ensure that our infrastructure and operations align with VinFast’s global standards,” the company said.

In March, VinFast signed letters of intent with 15 initial dealers in Thailand with the goal of opening 22 showrooms in the greater Bangkok area. No time frame was given. VinFast has signed formal agreements with several dealers, according to the statement.

Thailand remains one of VinFast’s key markets and the company has made no changes to its business plans for other markets, according to the statement.

VinFast’s billionaire founder and chief executive officer Pham Nhat Vuong said in an interview with Bloomberg TV in June that he was willing to bet all his money on the company’s growth.

The company is targeting expansion to at least 50 countries in 2024. The EV maker expects to open its India factory in the first half of next year and broke ground on its new assembly plant in Indonesia last month.

  - Bloomberg