Vietnamese electric-vehicle maker VinFast said it will start building a factory in North Carolina this year.
The plant will be located in Chatham County’s Triangle Innovation Point, Chief Executive Officer Le Thi Thu Thuy said in an emailed statement. It is expected to be operational in the second half of 2024 and the initial investment will be as much as $2 billion, she said. The announcement comes ahead of a planned VinFast U.S. initial public offering.
VinFast’s founder Pham Nhat Vuong has committed $2 billion of his fortune to selling cars to Americans. It’s a bold and potentially risky move given that many others have made splashy plans to invest heavily in EV manufacturing plants only to fail.
U.S. President Joe Biden tweeted a White House statement about VinFast’s North Carolina plans, which it called a $4 billion investment that would create more than 7,000 jobs. The North Carolina factory is the first phase of a planned complex in the U.S. that Thuy said in November would have a total investment of as much as $6 billion. She didn’t disclose the location at the time. A construction permit is still required, VinFast said in a statement Tuesday.
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