VinFast, the Vietnamese maker of electric cars, announced an investment plan in the United States that includes the construction of an assembly plant in North Carolina at a cost of $2 billion.
Founded in June 2017 by Phạm Nhật Vượng, a Vietnamese billionaire who started making his fortune selling noodles in Ukraine in the early 1990s, VinFast made its world debut at the 2018 Paris Motor Show by David Beckham with vehicles designed by Pininfarina and equipped with internal combustion engines made by BMW.
The plant will be built at Triangle Innovation Point, a 2,150-acre industrial park located 29 miles southwest of Raleigh, the North Carolina state capital. Construction will begin this year and will be completed in July 2024, when assembly lines with the capacity to produce 150,000 vehicles each year, as well as battery manufacturing facilities, are inaugurated.
However, according to a News & Observer reportVinFast’s total planned investment would exceed $4 billion for a total capacity of 200,000 vehicles per year, creating around 7,500 new jobs by 2027.
According to Le Thi Thu Thuy, executive director of VinFast, the factory in North Carolina will help the company better serve the US market, since it will allow it to maintain stable prices and shorten the product’s supply time; thus, VinFast’s electric vehicles will be more accessible to customers.
VinFast is executing an expansion plan that will see them establish operations both in the United States – where it hopes to start selling an electric SUV later this year – as in Canada and Europe to become a global automaker. In Vietnam, the manufacturer offers an extensive line of electric vehicles including cars, vans, buses and scooters.