The automotive assembly and battery manufacturing plant to be built in Triangle Innovation Point in Chatham County will have a production capacity of 150,000 vehicles per year in phase 1, and will generate 7,500 jobs
VinFast signs MoU with North Carolina government to establish an EV factory. (Credit: VinFast Automotive)
VinFast, a Vietnamese manufacturer of electric vehicles (EVs), has announced plans to make an initial investment of up to $2bn to build an EV and battery manufacturing facility in North Carolina, US.
In this connection, the company has signed a memorandum of understanding (MOU) with the government of North Carolina.
The EV factory will be built in Triangle Innovation Point in Chatham County.
Vingroup vice chair and VinFast global CEO Le Thi Thu Thuy said: “North Carolina’s strong commitments in building a clean energy economy, fighting climate change and reducing greenhouse gas emissions in transportation make it an ideal location for VinFast to develop its premium, smart and environmentally friendly EVs.
“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 realisation of local environmental improvement goals.”
Spread over an area of 800ha, the factory will have three main areas, which include production and assembly of electric cars and buses, production of EV batteries, and ancillary industries for suppliers.
The announced investment will be towards the construction for phase 1 of the EV factory, which is expected to begin this year, subject to a construction permit.
VinFast expects to begin production from the facility in July 2024.
Phase 1 of the factory is designed to have a production capacity of 150,000 vehicles per annum.
As per the MOU, VinFast plans to continue investing in the EV factory in future phases.
The Vietnamese automobile manufacturer will produce a seven-passenger all-electric sport utility vehicle (SUV) called VinFast VF 9 and the VinFast VF 8, which is a five-passenger, all-electric mid-size SUV.
The new automotive assembly and battery manufacturing plant in North Carolina is expected to generate 7,500 jobs.
North Carolina Roy Cooper said: “North Carolina is quickly becoming the centre of our country’s emerging, clean energy economy.
“VinFast’s transformative project will bring many good jobs to our state, along with a healthier environment as more electric vehicles take to the road to help us reduce greenhouse gas emissions.”
Earlier this year, the Vietnamese automobile manufacturer entered into a partnership with Netherlands-based HERE Technologies for deploying in-car navigation for its smart electric cars.