VinFast, a Vietnamese automaker, announced on Tuesday that it will make an initial investment of $2 billion to develop an electric bus and SUV factory in Chatham County, North Carolina.
VinFast is owned by Vingroup, the largest Vietnamese corporation. Vingroup is aiming to invest a total of $4 billion in its first US factory complex.
Construction should begin this year, pending approvals, and be completed by July 2024. In the first year, the factory is expected to produce 150,000 units.
VinFast has opened global pre-orders for two electric SUVs, with delivery expected in the fourth quarter.
This will be North Carolina's first automobile plant and the state's largest economic development announcement. Both Governor Roy Cooper and President Joe Biden have released statements praising this historic investment into North Carolina's economy.
How do you think this historic investment will shape the development of Chatham County? Let us know in the comments below or discuss it with a colleague in an upcoming CE Class!