- The VinFast factory is planned for North Carolina and will span 2000 acres.
- The company says this factory will run two SUV lines and handle battery production.
- Reports suggest the sprawling factory will cost at least $4 billion.
Burgeoning electric car maker VinFast plans to build a multi-billion dollar factory in North Carolina.
The massive investment targets production of batteries and two upcoming vehicles on property nestled southwest of Raleigh, with plans to employ 7,500 people. More surprisingly, the company plans to start production by 2024, making for an ambitious timeline.
VinFast’s parent company VinGroup says the company plans to build the VF 9 and VF 8 battery-electric SUVs beginning in July 2024. The vehicles have space for seven and five passengers, respectively. The company also plans to use the factory to assemble batteries and electric buses. In the first phase of the factory, VinFast expects to produce 150,000 vehicles per year.
As for how much money is being invested into the 800-hectare compound, Reuters and local media both suggest the total investment will be in the $4 billion range, with $2 billion as part of the factory's first phase. That is a lot of money.
This isn’t the first time a fledgling EV maker has promised lofty production goals and expensive manufacturing facilities. Faraday Future, for example, promised a sprawling complex in Nevada to the tune of $1 billion. That property reportedly went up for sale in 2019. That said, Faraday is reportedly producing vehicles at a factory in California, while funding issues apparently stifled its plans for Nevada.
The North Carolina factory could be great for the local economy, and extra competition and variety for electric vehicles should be good news for consumers. If the folks at VinFast can hit this seemingly short deadline, that will be impressive.
Do you think VinFast will pull off these lofty production goals? Or is this company making promises it can't keep? Let us know your thoughts below.
