July 15, 2022—Vietnamese EV startup VinFast on Thursday said it has received $1.2 billion in incentives from North Carolina to build an EV facility in the state.

According to a report from TechCrunch, construction on the 2,000 acre facility will begin in Chatham County later this year. The automaker says it plans to start production in July 2024 with the ultimate goal of ramping production up to 150,000 vehicles a year.

The facility, which will cost a total of $2 billion, will produce the company's VF 9 three-row SUV and VF 8 midsize SUV.

Per the report, the investment is the state's largest ever, and the move was made in an effort to establish North Carolina as "a hub for the clean energy economy."