VinFast Global plans a US$2 billion electric vehicle factory in North Carolina

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VinFast Global is a Vietnam-based automaker that is in the business of making electric vehicles. According to Reuters, the company has announced plans to build a US$2 billion electric vehicle plant in North Carolina. Reuters says the deal is preliminary, and the new plant will make electric buses, sport utility vehicles, and batteries.

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The plan is to eventually invest US$4 billion in total in the North Carolina venture. VinFast is currently waiting for permits to start building this year. The company expects to have the plant entirely constructed by 2024. The plant will have a capacity of 150,000 units.

“With a manufacturing facility right in the U.S. market, VinFast can stabilize prices and shorten product delivery time, making our EVs more accessible to customers,” said Nguyen Thi Thu Thuy, Vingroup vice chair and VinFast Global CEO.

VinFast has begun taking pre-orders globally for two electric SUVs with a goal to begin delivering them in the fourth quarter.

U.S. President Joe Biden said the VinFast investment, which will create more than 7,000 jobs, is “the latest example of my economic strategy at work.”

“It builds on recent announcements from companies like GM, Ford, and Siemens to invest in America again and create jobs, said Biden, who set an ambitious goal for half of new car sales to be electric by 2030.

This will be North Carolina’s first car plant and it is the largest economic development announcement in the state’s history, the governor’s office said in a statement.

VinFast said prices for its VF8 sport SUV started from $41,000 in the United States. By comparison, a Tesla SUV sells for around $63,000. VinFast is targeting global electric vehicle sales of 42,000 this year.

Reuters

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Last Updated on March 30, 2022.

VinFast electric vehicle
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