VinFast gets $1.2 billion incentive to open new factory in North Carolina

VinFast is all over the news these days and it’s all for good reasons. Only recently the company announced its plans to open 30 new showrooms in California and a week later it has already opened 6 of them. The bigger news though is the support it received from the State of North Carolina.

VinFast is planning to build a new manufacturing facility at the Triangle Innovation Point in Chatham County. The first phase will see $2 billion invested by the company, the construction will cover 2,000 acres and will be split into two separate areas - manufacturing of electric cars and electric buses assembly. Maximum capacity will be 150,000 vehicles a year.

The State of North Carolina will contribute to the project to the tune of $1.2 billion with $316 million to be spent on job development over the next 32 years. $450 million will be contributed to road improvements and site preparations as well as new water and sewer infrastructure. Additional $38 million will go towards community college training and Golden Leaf Foundation will contribute another $50 million to that cause. Chatham County alone will contribute $400 million to the entire project.

It is shaping up to be the largest project in North Carolina’s history and phase one will start within the next few months with the first cars expected to leave the factory in 2024.

On another note, VinFast simultaneously opened 6 new showrooms in California. The new locations are in Santa Monica, San Mateo, San Diego, Commerce, Berkeley and Corte Madera.

At the new VinFast stores customers can experience the VF8 and VF9, the showrooms are in prime locations to reflect the company’s high-end customer service and premium cars. They must be very busy trying to explain to customers the idea of renting rather than owning a battery - it’ll be an interesting exercise to see how the American customer base reacts to this approach.

Source