VinFast’s $4B Plant in North Carolina Amps Up US Electric Vehicle Market

Summary

  • Vietnamese electric car maker, VinFast, owns a $4 billion manufacturing plant in North Carolina which is anticipated to begin commissioning from 2026.
  • Leith has been appointed to manage all repairs, maintenance and parts for VinFast vehicles.
  • VinFast, backed by Vietnam’s largest conglomerate Vingroup, commenced electric car delivery in California in March and made its debut on Nasdaq in late August.

Manufacturing Plant in North Carolina

The American state of North Carolina is the site for a VinFast manufacturing facility worth $4 billion. The expectation is for the plant’s commissioning to commence in 2026.

Maintenance and Repairs

In a collaborative statement, it was mentioned that Leith will supervise all repairs, the necessary maintenance, and component parts needed for the upkeep of VinFast vehicles.

VinFast’s Growth

Established in 2017 and funded by Vingroup, Vietnam’s most extensive conglomerate, VinFast initiated the delivery of electric cars in California this March and debuted on Nasdaq near the end of August.

Dealer Applications and EV Market

Last month, the prominent EV maker announced having 70 dealer applications across the U.S. If approved, these would enable VinFast to distribute its electric vehicles through as many as 125 sale points nationally. VinFast’s entry into the American market coincides with increased scrutiny on EV pricing, led by Tesla and a variety of Chinese companies.

The company reported sales of approximately 13,000 units globally during this year’s second and third quarters, with more than half of these sales being to an affiliate company owned by its founder.

The growth strategies employed by VinFast can impact currency trading, specifically the Vietnamese dong. This is primarily due to the impact company growth can have on the overall Vietnamese economy.

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