VinFast begins building its first EV manufacturing facility in the US in North Carolina

According to the reports, a Vietnamese EV manufacturer named VinFast has been given permission to begin work on their first US-based EV production facility in North Carolina. The EV manufacturer has made it clear that it wants to establish itself as a global brand and is making great efforts to do so. A Memorandum of Understanding between VinFast and the North Carolina government to construct their first North American manufacturing site was previously inked in March 2022. The business initially stated that they will invest up to $2 billion in the site's initial phase, with plans to begin building by September 2022. The greatest incentive package in state history, worth $1.3 billion, was given to the EV manufacturer in July 2022 by Chatham County and the state. [caption id="" align="aligncenter" width="1024"] Image credit- Electrek[/caption] When fully operational, the first phase is anticipated to manufacture 150,000 EVs annually. But, the second stage will concentrate on the side of battery generation. VinFast was given an air quality permit, and the company says it will begin building after that. To reduce damage to wetlands and waterways, the next step is to obtain a permit from the US Army of Engineers. The site, according to the EV manufacturer, is created to minimize the impact on wetlands. The EV maker doesn't provide a start date for the building. VinFast still hopes to begin operations in the middle of 2024. A Fewer EV Brands A bigger trend of EV manufacturers looking to penetrate the US market is represented by VinFast's US plant's relocation here. Hyundai, Kia, and even VW, two other foreign automakers, have already made intentions to open operations in the US. [caption id="" align="aligncenter" width="700"] Image credit - MarketWatch[/caption] These actions are part of a bigger trend in which EV manufacturers want to increase their market share in the US. This is a result of rising interest in electric cars. The US auto market will get more competitive as more automakers enter it. Consumers will now have more choices when it comes to purchasing electric vehicles, which is fantastic news. Also read: VinFast to build an EV plant in North Carolina New models have already flooded the EV market in recent years, and most major automakers now have at least one hybrid or all-electric model in their inventory. With VinFast's plans to construct a factory in America, there may soon be even more choices. Advanced driver assistance systems (ADAS), which can help improve driving safety and make it easier than ever for drivers of all ages and abilities to get behind the wheel without fear or worry about independently navigating traffic, are just one example of the cutting-edge technology VinFast promises its cars will offer.