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.

This will be north carolina's first car plant and it is the largest economic development announcement in the state's history the governor's office said in a 

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.