VinFast, the Vietnamese electric vehicle (EV) maker, has achieved a major milestone after receiving approval to begin construction on its first US-based EV manufacturing plant in North Carolina. The first phase of the site in Chatham County is expected to have an output of 150,000 EVs per year when fully operational, while the second phase will focus on battery production.
VinFast has already received a $1.3 billion incentive package from Chatham County and the state, the largest in state history. The EV maker is now in the process of obtaining a permit from the US Army of Engineers designed to minimize water and wetland damages. VinFast is aiming to begin production at the factory in mid-2024.
In addition to the North Carolina plant, VinFast has also filed paperwork with the SEC to go public and hold an IPO on US markets. This will help the company expand its brand and access to resources in the states.
VinFast has already shipped its first batch of VinFast VF 8 EVs to the US, but customer deliveries have been delayed due to software updates. The EV maker has since introduced a new promotional program for the VF 8 City Edition to keep pace in a competitive US electric vehicle market.
For now, VinFast will continue manufacturing EVs at its Haiphong factory in Vietnam and shipping them to the US. Once the North Carolina plant is online, it will help VinFast cut costs from delivery and streamline EV production in the US.
FAQ
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