The Vietnamese EV maker VinFast announced Friday a $1.2 billion incentive package from the State of North Carolina for its electric vehicle manufacturing project in the US designed to produce 150,000 vehicles per year. VinFast will start the construction of the 2,000 acres facility in the upcoming months with the production expected to commence in July 2024.
The package is the largest economic incentive in state history and was signed by Governor Roy Cooper and will allow the EV maker to build the factory at the Triangle Innovation Point in Chatham County with a total investment of about $2 billion USD in the first phase.
“North Carolina’s partnership with VinFast to bring good, clean energy jobs to North Carolina took an important step forward today with the signing of the budget, said Roy Cooper, Governor of North Carolina. “Electric vehicles, like the ones VinFast will produce in Chatham County, are a critical component of our strategy to reduce greenhouse gas emissions and build North Carolina into a hub for the clean energy economy.”
“VinFast applauds North Carolina for their efforts and determination in advancing the state’s clean energy economy and carbon mitigation goals,” said Van Anh Nguyen, CEO of VinFast Manufacturing US. “This investment by the State of North Carolina is the starting point for a future marked by innovation, job creation, and economic growth. Today exemplifies how government and industry can come together to pursue a brighter future.”
“The North Carolina General Assembly is thrilled that VinFast chose North Carolina for its monumental expansion,” said Phil Berger, President Pro Tempore of the North Carolina Senate. “There’s no question the business-friendly policies we’ve prioritized over the last decade played a pivotal role in VinFast’s plan to bring thousands of good-paying jobs to North Carolina.”
“North Carolina is heading into an exciting era of innovation with one of our newest corporate citizens, VinFast,” said Tim Moore, Speaker of the North Carolina House of Representatives. “As our state continues its growth with new and expanding businesses, we will continue to work alongside VinFast as the company establishes roots in North Carolina and brings new jobs and opportunities for North Carolinians.”
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The EV maker is expanding to the U.S. market with the simultaneous opening of six stores in California. The opening ceremony was held on Thursday at Santa Monica’s store located at Santa Monica Place shopping center where customers could explore VinFast’s electric SUVs – the VF 8 and VF 9.
Last week, VinFast announced the investment of tens of millions in ProLogium, a solid-state battery manufacturer. The announcement comes six months after ProLogium and the automaker Mercedes-Benz agreement with the first test vehicles equipped with solid-state batteries expected to be introduced in the coming years.
VinFast also entered into a memorandum of understanding with ProLogium setting out strategic cooperation arrangements to secure battery supplies and support the goal of expanding its smart mobility solutions globally becoming long-term strategic partners in the future. In addition, the companies added that may also establish a joint-venture solid-state battery factory in Vietnam.
Recently, the company unveiled a partnership with the hologram leader Proto for the promotion of its VF8 & VF9 models in Canada. The Vietnamese EV maker will team with the award-winning company on the roadshow in Toronto, Montreal, and Vancouver with a showcase “as innovative as the cars it promotes,” the company said.
Earlier this year, VinFast also announced a partnership with Electrify America giving users access to the network of ultra-fast charging stations across the U.S. Delivering a convenient and seamless charging experience, Plug & Charge is an innovative technology that allows drivers of capable vehicles to pay for a charging session by simply plugging in their EV, the company said.