vietnam's memphis to build two blillion dollar electric vehicle factory in u.s
vietnam's automaker vinfast said on tuesday it has signed a preliminary deal to initially invest two billion dollars to build a factory in north Carolina
make electric buses sport utility vehicles suvs along with batteries for evs the unit of vietnam's biggest conglomerate vin group vic.hm said it plans to
have a total investment of 4 billion dollars in its first u.s factory.
construction should
begin this year as soon as the company gets necessary permits and is expected
to finish by july 2024
the plant's initial capacity will be 150,000 units per year binfest said with a manufacturing facility right in the u.s market vinfast can stabilize prices and
shorten product delivery time making our revs more accessible to customers said ngai and thai thut i vin group vice chair and vinfast global ceo vinfast
has begun
taking pre-orders globally for two electric suvs with a goal to begin
delivering them in the fourth quarter
us president joe biden said the vinfast investment which will create more than seven thousand jobs is the latest example of my economic strategy at
work it builds on recent
announcements from companies like gm ford and siemens to invest in america
again and create jobs
said biden who set an
ambitious goal for half of new car sales to be electric by 2030.
statement vinfast said prices for its vf8 sport suv started from 41 000 in the united states by comparison a tesla suv sells for around 63 000 vinfast is
targeting global electric vehicle sales of forty two thousand this year production is hard binfast is betting big on the us market where it hopes to
compete with legacy automakers and startups with affordable electric suvs and a battery leasing model other electric vehicle startups like rivian and
lucid have slashed their production targets this year due to supply chain disruptions caused by coronavirus which hit their share prices read more tesla
ceo elon musk said last year it's insanely difficult to reach volume production at affordable unit cost vinfast which became vietnam's first fully fledged
domestic car manufacturer in 2019 plans to transition to all electric vehicle production from late 2022.
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