VinFast invests $2 billion in new North Carolina EV factory

Vietnam-based automaker VinFast has announced that it would build its first US-based EV factory in North Carolina.

VinFast is investing $2 billion in the first phase of construction and is planning to invest in expanding the factory later down the road.

However, the company aims to complete the construction of phase one by July 2024.  In addition, the factory will have the capacity to produce 150,000 vehicles per year.

VinFast will produce the VF 9, 7-passenger SUV and theVF8, a 5-passenger SUV at the North Carolina factory.

The company announced North American pricing back in January. The VF9 starts at $56,000 ($69,750 CDN) and the VF8 starting at $41,000 ($51,250 CDN).

For the Canadian market, those prices do not include the EVs battery, which has to be leased from VinFast for an additional monthly payment.

In addition to the two passenger vehicles, the factory will also produce electric buses, batteries for electric vehicles and unnamed ancillary industries for suppliers.

VinFast Global CEO was excited at the prospect of opening this new plant.

“Having a production facility right in the market will help VinFast to proactively manage its supply chain, maintain stabilized prices and shorten product supply time, making VinFast’s EVs more accessible to customers, contributing to the realization of local environmental improvement goals.”

VinFast started selling EVs in 2021 in its home country of Vietnam. The company has an aggressive expansion plan that includes the US, Canada and Europe. The company is currently shopping for a plant in Germany to support its European expansion.

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