March 31, 2022—Vietnamese electric vehicle manufacturer VinFast on Tuesday announced it has a preliminary deal to build a $2 billion plant in North Carolina.

Production on the new facility is expected to begin this year "as soon as the company gets necessary permits," according to a report from Reuters. Once completed in July 2024, the plant is expected to produce 150,000 units per year.

VinFast will produce electric buses and SUVs at its new facility, as well as critical components such as EV batteries.

"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," VinFast Global CEO Nguyen Thi Thu Thuy said.

VinFast's VF8 sport SUV is set to start at $41,000 in the U.S., and the automaker hopes to sell 42,000 vehicles globally this year.

Image: VinFast