VinFast to Build EV factory Worth $2-Billion in US

Automobile

VinFast, car manufacturing company of Vietnam is going to invest around 2 billion dollars for the purpose of launching the construction of an electric vehicle and battery production plant in the region of North Carolina, the United States.

This manufacturing plant is going to be the first plant of VinFast in the region of North America, which will be giving it a foothold in the nascent electric vehicle market of the United States, and it is also going to be first car manufacturing plant of the company in North Carolina and the biggest-ever economic development deal of the company.

The investment of around 2 billion dollars is going to funding the first phase of the construction at the new facility, which is located at the megasite of Triangle Innovation Point in the Chatham County. At the site, the automobile company is planning to produce the electric cars and buses along with batteries of the electric vehicles. The production at the plant is estimated to begin in the month of July 2024, along with a primary capacity of around 150,000 vehicles every year.

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Le Thi Thu Thuy, vice chairman of Vingroup and CEO of VinFast Global said, by having a production facility in the United States is going to be helping the company for proactively managing the supply chain and also maintaining the stabilized prices and decreasing the time of product supply.

He also said that, it is going to make electric vehicles of VinFasr more accessible to the customers and will also be contributing to the realization of the improvement goals of local environment.

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