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Vietnamese automaker VinFast proposes to begin construction on its electric vehicle factory in North Carolina, with groundbreaking likely to start soon.
The 1,800-acre facility can produce up to 150,000 vehicles a year in phase 1 and will likely start operations in 2025, CNBC cites VinFast CEO Le Thi Thu Thuy.
VinFast sees potential in the U.S. EV market due to the higher demand for EVs and supportive regulations.
The company has won $1.2 billion in incentives from the state of North Carolina for the project. VinFast believes there is room for new players in the U.S., especially with high-quality products.
The electric vehicles produced at VinFast's facility could qualify for up to $7,500 in U.S. tax credits, giving them a competitive edge.
VinFast aims to provide premium quality products at affordable pricing, with a vehicle lineup ranging from very small city cars priced at $12,000 to full-size three-row SUVs like the VF 9 starting at around $85,000 for the Eco model. A Tesla Inc (NASDAQ:TSLA) Model X costs about $100,000.
The company's U.S. expansion is vulnerable to delayed deliveries and a software issue, but it remains committed to its strategy.
VinFast eyes public listing via a special purpose acquisition company (SPAC) merger with Black Spade Acquisition Co (NYSE:BSAQ).
Price Action: BSAQ shares traded lower by 0.10% at $10.27 on the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
