The construction of the Vietnamese automaker's assembly plant in North Carolina will start this month.
Despite getting a lukewarm reception from the public, only selling 128 units of the VF 8 from January to May this year, Vietnamese automaker VinFast is dead set on its plan to build a plant in the US. A date has already been set, with the construction of its factory in North Carolina starting on July 28, 2023.
Chatham County's Triangle Innovation Point facility is expected to have an initial production capacity of 150,000 EVs annually when it commences its operation in 2025. The factory will span 1,800 acres and comprise two primary sections: electric vehicle production and assembly. Additionally, the complex will include auxiliary supplier businesses.
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“The manufacturing facility in North Carolina is one of VinFast's key projects,” said Le Thi Thu Thuy, CEO of VinFast Auto. “When it begins operations, the factory will be VinFast's primary supplier of electric vehicles to the North American market, allowing us to optimize production and business activities. We hope the construction of the factory in Chatham County will contribute to advancing the clean energy economy in the US and help to support North Carolina's green mobility strategy.”
President Joe Biden had previously expressed his support for the project, expecting the VinFast plant to generate over 7,000 job opportunities in the region. The factory's initial investment is estimated at as much as $2 billion. However, it's important to note that its billionaire founder, Pham Nhat Vuong, has stopped injecting money into the company.
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That said, VinFast got a $1.2 billion incentive package from the State of North Carolina for the assembly plant. It also received critical financial support from the City of Sanford, Chatham County, and the Golden Leaf Foundation.
VinFast's current US lineup is solely populated by the VF 8, rivaling the Tesla Model Y. More models are bound to arrive, such as the VF 6, VF7, and VF 9, representing various segments in the EV market. The exact launch dates of the other models are yet to be announced. However, we know they will benefit from VinFast's incredible warranty and after-sales offering, paying the owners if their EVs break down.
We just hope the company can rectify the issues present in early models.
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Keyword: VinFast's US Plant Still Happening Despite Lukewarm Public Reception