VinFast’s factory will create a major manufacturing center on a 1,977-acre plot for phase 1 with 3 main areas: electric cars and buses production and assembly, EVs batteries production, and ancillary industries for suppliers.
U.S. President Joe Biden said the VinFast investment, which will create more than 7,000 jobs, is"the latest example of my economic strategy at work." "It builds on recent announcements from companies like GM, Ford, and Siemens to invest in America again and create jobs" added Biden, as he set an ambitious goal of making half of the new car sales to beThe first phase of the investment is expected to be completed by July 2024 and the company will have the annual capacity of producing 150,000 vehicles, according to VinFast.
The company also announced that prices for its VF8 sports SUV start from $41,000 in the U.S. Compared to"With a manufacturing facility right in the U.S. market, VinFast can stabilize prices and shorten product delivery time, making our EVs more accessible to customers," said Nguyen Thi Thu Thuy, Vingroup vice-chair and VinFast Global CEO.
Let’s see if VinFast can achieve its goal of manufacturing 150,000 vehicles per year. Raw material costs have surged as the supply chain disruptions caused by COVID-19 pandemic still haven’t recovered, which increases the costs of production.Stay ahead with the latest science, technology and innovation news, for free:
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