VinFast may start building a factory in North Carolina in September this year. Recently, VinFast announced that it plans to open at least 25 VinFast Stores in many European countries.
Sharing with Bloomberg on the sidelines of the Qatar economic forum, VinFast General Director Le Thi Thu Thuy said that the company will start producing electric vehicles in the US in July 2024. Vingroup’s subsidiary (HoSE: VIC) may start started building a factory in North Carolina in September this year.
The company has ambitions to deliver about 1 million electric cars globally within five to six years. Ms. Thuy affirmed that the above goal is completely feasible.
Regarding the initial public offering (IPO) plan in the fourth quarter, VinFast aims to raise $2 billion. The CEO said the company is facing “challenging” market conditions. “We are looking for opportunities to do it but are still waiting for the right moment,” Ms. Thuy said.
In March this year, VinFast and the North Carolina state government (USA) signed a memorandum of understanding to build a US$4 billion car and battery factory. Information from VinFast said that this is the company’s first factory in the North American market, the investment in phase 1 is 2 billion USD and will create thousands of jobs for local workers.
VinFast’s factory will be located at Triangle Innovation Point industrial park, Chatham county with an area of about 800 hectares and includes 3 main areas: production and assembly area for electric cars and electric buses; battery production area for electric vehicle products and ancillary industry area for suppliers.
The capacity of phase 1 is expected to be 150,000 vehicles/year. According to the memorandum of understanding, the company will continue to invest in the plant in various phases. The first models produced at the factory included the VF 9 and VF 8.
With the opening of an additional factory in the US, VinFast also aims to sell 750,000 cars by 2026, with 150,000 cars produced in North Carolina and the rest from the Vietnam factory.
Recently, VinFast announced that it plans to open at least 25 VinFast Stores in Germany, 20 in France and 5 in the Netherlands in addition to building a factory in the US.
The first stores in Germany will be present in the major cities of Frankfurt, Berlin, Cologne, Oberhausen and Hamburg. In France are the cities of Paris, Marseille, Nantes, Rennes, Nice, Montpellier, Aix en Provence and Metz. In the Netherlands, it is expected that the first VinFast Store will be present in the city of Amsterdam. This is the next step towards positioning as one of the world’s leading smart electric vehicle companies.
In addition, VinFast will also keep the battery subscription price unchanged throughout the product life for all car buyers in 2022 and 2023, instead of adjusting it up according to the price of petrol and electricity as announced by the policy. The above policy will be maintained continuously, even when the vehicle is transferred.