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Vietnamese automaker VinFast plans to cement its American foothold by constructing a $4 billion electric vehicle (EV) factory in North Carolina, signaling its aggressive expansion into the United States market amid rising competition.
As a subsidiary of Vingroup (VIC.HM), Vietnam's largest conglomerate, VinFast aims to begin production in 2025, with the North Carolina factory becoming its primary supplier of electric vehicles to North America. The initial phase of this project involves a substantial $2 billion investment to establish a world-class facility capable of producing an impressive 150,000 vehicles annually.
VinFast joins the ranks of several electric vehicle startups vying for prominence amidst fierce competition from industry heavyweights like Tesla and China's BYD. While market demand appears to be plateauing, VinFast, which commenced deliveries to California in March, remains confident in its growth prospects. With funding commitments totaling $2.5 billion from its founder and parent company, VinFast is poised to pursue an aggressive overseas expansion.
Despite encountering challenges in the United States, including a few new-vehicle registrations. VinFast still managed to surpass Jaguar, GMC, and Mazda. In the first five months of this year, the company only recorded 128 registrations, ranking it 22nd out of 25 on Experian's list of electric vehicle registrations.
But VinFast remains undeterred. Their founder has projected sales of up to 50,000 EVs this year, a remarkable seven-fold increase over 2022, with expectations of breaking even by the end of 2024. Notably, VinFast has secured a respectable position on Experian's list of electric vehicle registrations, surpassing prestigious brands such as Jaguar, GMC, and Mazda.
The forthcoming VinFast electric vehicle factory in North Carolina signals the rising prominence of this Vietnamese automaker on the global stage. With visionary leadership and a commitment to sustainable mobility, VinFast is establishing itself as a key player in the future of electric transportation.
Photo: VinFast Newsroom
