VinFast Targets 1 million EV Sales Globally in 5/6 Years

Vietnam’s ambitious automaker VinFast is aiming to become a big player in the electric vehicle (EV) space, with the goal to sell 1 million EVs globally in the next 5 to 6 years. This was revealed by the company CEO Le Thi Thu Thuy who was speaking to Nikkei Asia.

VinFast Global CEO Le Thi Thu Thuy poses for a photo during the VinFast electric vehicle lineup and technologies reveal at CES 2022

Earlier this year, VinFast announced that it will establish a new EV plant based in the United States, whereas it has recently received a USD 1.2 billion incentive package from the state of North Carolina. As part of the first phase, VinFast will be investing about USD 2 billion to set up the manufacturing facility located at the Triangle Innovation Point in Chatham County.

Construction will begin in the second half of this year, with production expected to commence from July 2024. When ready, the plant will span over 2,000 acres and will feature two main areas: one for producing electric cars and buses, while the other for ancillary industries for suppliers. The company says the factory is designed to reach a capacity of 150,000 vehicles yearly.

VinFast also announced to have received the incentive package that enabled it to open the first 6 VinFast Stores in California, with 30 more on the way before further expansion across other states in the US. Plans to expand into Europe as well as other markets have also commenced.

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