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What does the American newspaper say about VinFast building a $4 billion electric vehicle factory in the United States?

01/04/2022

Ken Foong, a Bloomberg Intelligence analyst in Singapore, said in a study that VinFast’s global electric vehicle sales could drive long-term growth for its parent Vingroup.

Source: Bloomberg

Bloomberg reported: The Vietnamese electric vehicle manufacturer – VinFast – said it will begin construction of the plant in North Carolina this year.

VinFast Global General Manager Le Thi Thu Thuy said the plant will be located in Triangle Innovation Point, Chatham County (North Carolina). The plant is expected to come into operation in the second half of 2024 and the initial investment will be up to $2 billion. This announcement precedes VinFast’s US IPO plan.

“We have already started the design and are rushing to finalize the plant, and the goal is to start production from July 2024,” Ms. Thuy said.

VinFast’s founder, Pham Nhat Vuong, has pledged to dedicate $2 billion of his assets to selling cars to Americans.

“It is a bold and potentially risky move as many others have made plans to invest heavily in electric vehicle factories and then fail,” Bloomberg said.

The North Carolina plant is part of a complex planned in the United States, which according to Thuy will have a total investment of up to $6 billion. This CEO does not disclose a specific location and time. VinFast said in a statement on March 29 that a building permit is still required.

U.S. President Joe Biden tweeted a White House statement about VinFast’s North Carolina plans, called a $4 billion investment that would create more than 7,000 jobs.

The plant will have the capacity to produce 150,000 electric cars per year, and will produce electric buses and batteries, Thuy said. This will be VinFast’s second car manufacturing plant after the one in Hai Phong, Vietnam. The company is expected to start battery production at its plant in Ha Tinh later this year, she said.

VinFast aims to start automotive distribution in the US, Canada, France, Germany and the Netherlands by the end of 2022. Prices for its electric SUVs VF8 and VF9 will range from $41,000 to $61,000. VinFast began delivering the first electric cars in the country in December.

Ken Foong, a Bloomberg Intelligence analyst in Singapore, said in a February 11 study that VinFast’s global electric vehicle sales could drive long-term growth for the Vingroup Group.

Thuy, who is also Vice President of Vingroup, said the company aims to sell a total of about 700,000 to 1 million electric vehicles in five to six years. VinFast received 50,000 orders globally for the VF8 and VF9 models, she said.

VinFast’s goals are ambitious, so to speak, compared to other automakers. Start up Nio (China) tram only reached the 100,000th car milestone in April 2021, nearly 3 years later. Many other businesses have even failed to try to implement similar plans.

VinFast began selling gasoline cars in Vietnam in 2019. The firm once announced that it would stop producing gasoline vehicles. VinFast sold 35,723 gasoline vehicles in Vietnam last year, and sold around 30,000 in 2020.

VinFast said it was working with investment banks to prepare for an IPO, making it one of the first Vietnamese companies to “go live” in the US.

By Nhip song kinh te

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