In an age where environmental concerns dominate the global
discourse, the need for electric vehicles (EVs) has never been more pressing.
As the world grapples with the challenges of climate change, electric vehicles
emerge as a beacon of hope, promising a greener, more sustainable future.
Among the frontrunners of this cause is VinFast EV. With a
clear vision commitment, VinFast EV has embarked on a mission to redefine the
automotive landscape. It is making strides in the EV industry that are both
significant and transformative.
This article aims to shed light on the remarkable journey of
VinFast EV. We will be highlighting its endeavors and achievements in the realm
of electric mobility. Central to this narrative is the company’s latest
venture: the establishment of a state-of-the-art EV factory in North Carolina.
VinFast EV's Journey: 2017 – Present
In 2017, the city of Hai Phong, Vietnam, witnessed the birth of a new era in automotive manufacturing. VinFast, a name that would soon resonate in the automotive industry, established its state-of-the-art manufacturing complex. This facility boasted an impressive automation level of up to 90%, setting it apart from many of its contemporaries.
Fast forward to 2018, the world was introduced to VinFast’s
Lux models at the prestigious Paris Motor Show. The industry took notice, and
AUTOBEST awarded them with the “A Star is Born” recognition. This was a clear
indication that VinFast was not just another entrant; it was a contender.
2019 marked a year of expansion for VinFast. The company
rolled out a diverse range of vehicles, including the Lux A2.0 sedan, the Lux
SA2.0 SUV, and the city car named Fadil. But VinFast didn’t just restrict
themselves to just cars. They ventured into the e-scooter market, launching
three models: Ludo, Impes, and Klara. Each of these models was a testament to
VinFast’s commitment to innovation and quality.
By 2020, VinFast’s dominance in the Vietnamese market was
evident. Their vehicles became top sellers in all three segments. This was a
commendable achievement in such a short span. But the company was not resting on
its laurels.
2021 saw them diversifying their portfolio further. They
introduced two new e-scooters, Theon and Feliz, and made waves with the launch
of Vietnam’s first electric bus. Additionally, they unveiled three smart EVs:
the VF e34 for the local market and the premium all-electric SUVs, VF 8 and VF
9, targeting the global audience. VinFast’s global aspirations became even
clearer in 2021. The company announced an ambitious all-electric strategy set
to materialize by 2023. They unveiled a comprehensive electric vehicle lineup,
spanning various segments.
2022 was a year of expansion. VinFast started accepting
pre-orders for the VF 8 and VF 9 models. Then, introduced VinFast NFTs and
expanded its global footprint with showrooms in the US, Canada, and Europe. By
2023, they began global deliveries of the VF 8 and VF 9, marking their official
entry into the international market.
Learn More: How VinFast’s Nasdaq debut compares to Tesla’s IPO and what it means for the future of EVs
VinFast EV's US Factory
28th July 2023 marked a pivotal moment in Vinfast’s
global journey. The company officially commenced the construction of its EV manufacturing
unit at the Triangle Innovation Point (TIP) in Chatham County. This
groundbreaking event symbolized VinFast's commitment to expanding its supply
chain in North America and solidified its presence on the global stage.
What makes this factory unique? For starters, it is the only
electric vehicle manufacturing facility in North Carolina. Moreover, it
represents one of the biggest economic development projects in the state’s
history. This historical inauguration event was graced by notable figures,
including North Carolina’s Governor, the Vietnamese Ambassador to the US, and a
host of other federal representatives.
The factory, made with an investment of $2 billion,
sprawls across roughly 1,800 acres. It is meticulously planned with five
primary production areas: a general assembly, an energy center, a body, a press,
and a paint shop.
VinFast’s vision for this factory is clear; they want to
focus on producing their electric vehicles VF 7 to 9. With an anticipated
capacity of producing 150,000 vehicles annually, the factory wants to source all
its raw materials and component primarily from the US and Vietnam.
But VinFast’s commitment isn't limited to manufacturing
alone. In a heartwarming gesture, on July 25, 2023, the company announced its
intention to donate up to three acres of its project site to the Merry Oaks
Baptist Church. This move was aimed to save the historic church, built in
1888, from potential demolition due to necessary roadway improvements.
VinFast’s donation ensures that the church can relocate and
that the congregation remains an integral part of the community. Ms. Van Anh
Nguyen, VinFast US Manufacturing CEO, emphasized the company’s deep-rooted care
for its new home and the importance of the Merry Oaks congregation in the
community.
VinFast IPO
This merger will catapult the combined company's equity
value to a staggering $23 billion. Once the reverse merger is complete, VinFast
shareholders will hold a dominant stake and own approximately 99% of the
combined entity. This entity will continue to operate under the VinFast brand
and will be listed on the NYSE.
The primary motivation behind this listing is to amass
capital to bolster VinFast’s ambitious expansion into the US market, especially
with its planned manufacturing facility in North Carolina.
The timeline for this transaction’s closure is projected for
the second half of 2023. This is contingent on meeting regulatory stipulations,
gaining shareholder approvals, and other standard closing conditions.
Learn More: Unveiled by Tesla: A Significant Detail on the New V4 Supercharger
Conclusion: VinFast's Influence on the US EV Horizon
VinFast's establishment of a state-of-the-art factory in
North Carolina showcases its ambition to leave a lasting imprint on the US
electric vehicle (EV) market. This fusion of Vietnamese determination with
American technological prowess positions VinFast as a formidable contender in
the EV arena.
Their strategic financial endeavors, especially the
anticipated public listing, further underscore their commitment to innovation
and market expansion. As VinFast gears up for production, the US EV sector
stands at the threshold of a new era.
With VinFast's vehicles soon to grace American roads, they
promise to set fresh benchmarks in design, efficiency, and sustainability,
steering the market toward a vibrant future.