Vietnamese automaker Vinfast to build $2 billion electric vehicle factory in North Carolina

Vietnamese automaker VinFast recently filed for an initial public offering (IPO) in the U.S., ahead of its plans to build its first U.S. electric vehicle (EV) factory.

The Singapore-based company has registered with the Securities and Exchange Commission (SEC) for a yet-to-be-determined size and price range.

Vingroup JSC hopes to compete in the U.S. market with an offering that could raise about $2 billion. It is planned ​​for the second half of this year to fund an EV factory in North Carolina, which could open in 2024. The company signed a preliminary deal to make electric SUVs with an initial investment of $2 billion.

“With a manufacturing facility right in the U.S. market, VinFast can stabilize prices and shorten product delivery time, making our EVs more accessible to customers,” VinFast Global CEO Nguyen Thi Thu Thuy said.

President Joe Biden stated that VinFast’s North Carolina investment would create more than 7,000 jobs.

VinFast is also aiming to deliver cars to Canada, France, Germany and the Netherlands later this year. The company is targeting a global EV sales of 42,000 this year from sales of VF8 and VF9 electric SUVs that will range from $41,000 to $61,000 in price.

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