CNBC: VinFast will produce electric vehicles in the US from 2024

“Consolidation makes VinFast stronger and more flexible”

In an article published on the evening of February 10 (Vietnam time), the American news agency CNBC mentioned the information that the Vietnamese car company has recently restructured VinFast North America, including merging operations in two markets. schools are USA and Canada.

“After observing the market, we noticed many similarities in the US and Canadian markets. The merging of the two markets will make us stronger and more flexible,” Le Thi Thu Thuy, Chairman of VinFast told CNBC.

VinFast’s first batch of 999 VF 8 cars to the US officially docked in California in December 2022. VinFast’s initial goal is to deliver the car in December 2022. However, this plan was later pushed back to February 2023.

CNBC quoted Le Thi Thu Thuy as saying that VinFast had about 12,000 orders in the US market.

According to the US news agency, the Vietnamese automaker is increasingly expanding its operations in the US to compete with other car manufacturers in the market like Tesla.

VinFast will produce electric vehicles in the US from 2024

Among VinFast’s moves, notably the plan to build an electric vehicle factory in North Carolina. According to Ms. Le Thi Thu Thuy, the streamlining of the apparatus at VinFast North America in the past time does not affect the operation plan of the VinFast factory set out earlier. The capacity of VinFast’s North Carolina factory is expected to be 150,000 vehicles per year (phase 1).

“We are in the final stages of applying for a building permit. The clearance process has been completed. We still keep the plan to start production in 2024 as the original goal,” CNBC quoted VinFast leaders.

In the US, according to CNBC, VinFast electric vehicles have not received a tax credit of $ 7,500 from the US government because they are not manufactured in North America, according to the Inflation Reduction Act (IRA). However, in fact, VinFast’s plan to set up a factory in the US was promoted before the official IRA was approved.

Opening a factory in the US according to Ms. Thuy is always in VinFast’s plan. However, the IRA also contributes to increasing VinFast’s production capacity as well as helping US users access electric cars at a more reasonable price.

As for the market, CNBC said, besides the US, VinFast also targets Europe, namely Germany, France and the Netherlands.

More information about VinFast’s IPO plan, CNBC mentioned that the company has announced to submit an application for initial public offering (IPO) in the US from December 2022. However, it is still unclear when VinFast will officially list.

CNBC quoted VinFast leaders as saying that the company is still monitoring the market and this year, the situation may be better. “We are willing to share information when everything is ready,” Ms. Thuy said.

(Source: https://www.cnbc.com/2023/02/10/vietnams-ev-maker-vinfast-is-on-track-to-start-production-in-the-us-in-2024.html )