Technology
Electric vehicle company VinFast plans to invest $2 billion
Vietnamese automaker VinFast said on Tuesday plans to invest an initial $2 billion to build a plant in North Carolina, the United States, to produce electric buses, sport utility vehicles (SUVs), and electric vehicle batteries.
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According to the news, the subsidiary of Vietnam’s largest conglomerate Vingroup said it plans to invest $4 billion in its first factory complex in the United States, Reuters reported.
Once the company obtains the necessary permits, construction will begin this year and is expected to be completed by July 2024, with an initial capacity of 150,000 vehicles per year.
The Vice Chairman of Vingroup and Global CEO of VinFast noted that with a production base in the US market, VinFast can stabilize prices, shorten product delivery times and make our electric vehicles more accessible to customers.
This will be North Carolina’s first auto plant and the largest economic development announcement in the state’s history, the North Carolina governor’s office said in a statement.
The President of the United States said that VinFast’s investment will create more than 7,000 jobs. It is reported that VinFast has started taking pre-orders for two electric SUVs globally, with the goal of starting deliveries in the fourth quarter.