VinFast, the Vietnamese electric vehicle (EV) manufacturer, is set to expand its presence in the lucrative US market with the ground-breaking of a state-of-the-art electric vehicle (EV) factory in North Carolina. The company officially announced that construction on this ambitious $4 billion project will commence on the 28th of July. The facility will be located at Triangle Innovation Point in Chatham County. This move comes in response to increasing demand for EVs and aligns with VinFast’s goal of becoming a major player in the global EV industry.
The First Phase of VinFast’s US EV Factory
VinFast plans to invest $2 billion for the first phase of its US EV Factory project in setting up the facility’s assembly and production locations for electric vehicles. Le Thi Thu Thuy, the president of VinFast Auto, expressed confidence in the project, emphasizing its capability to produce an impressive 150,000 vehicles annually during its first Phase. Additionally, the company aims to foster collaboration with suppliers by incorporating dedicated facilities within the factory. According to President Joe Biden through a White House press release in March 2022. This venture is anticipated to create more than 7,000 jobs, a significant boost to the local economy.
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Once operational, the North Carolina VinFast EV factory will become VinFast’s primary supplier of electric vehicles to the ever-expanding North American market. Despite a one-year delay from the original timeline, the project is now set to begin production in 2025. VinFast’s parent company, Vingroup, the largest conglomerate in Vietnam. The company remains committed to the venture, eager to capitalize on the growing demand for electric vehicles.
In an increasingly competitive electric vehicle (EV) market, VinFast US EV factory will face stiff competition from industry. However, with its strategic investment in the North Carolina factory and a determination to expand its footprint globally. The Vietnamese automaker stands ready to establish itself as a contender in the electrifying world of electric vehicles. The demand for electric vehicles shows signs of reaching a plateau in major regions. VinFast’s entry into the US market could be bringing innovation, employment, and economic growth to the region.
