VinFast electric vehicle plant wins major North Carolina incentive package

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Vietnamese electric vehicle maker VinFast said Thursday it has received $1.2 billion in incentives to build a plant in North Carolina.

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The stimulus package represents the state’s largest ever economic development project and its ambition to turn North Carolina into the center of a clean energy economy.

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Construction on the 2,000-acre site at Triangle Innovation Point in Chatham County, North Carolina will begin in the second half of the year. VinFast said it will begin car production there in July 2024, increasing to annual capacity 150,000 vehicles.

$2 billion electric vehicle plant VinFast VF 9 three-row SUV and VinFast VF 8 mid-size SUV.

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Toyota will join VinFast in North Carolina. construction of a $1.3 billion battery manufacturing plant. near Greensboro, scheduled to begin production in 2025. The Japanese automaker said its first U.S. battery plant will supply 1.2 million electric vehicles a year, in line with its goal of selling eight million electric vehicles a year by 2030.

On Thursday, VinFast also said it would expand its presence in the US by opening six stores in California, starting in Santa Monica. Other locations include La Jolla, San Diego and San Mateo.


Credit: techcrunch.com /

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