North Carolina has landed its first major automotive plant as automaker VinFast announced last week that it will invest at least $4 billion in Chatham County to build the company’s first North American assembly plant.
The first phase of the investment – roughly $2 billion – will involve construction of the automotive assembly line that should be completed by June 2024 with the capacity to 200,000 electric vehicles per year. Phase 2 involves construction of a neighboring battery plant for the sport utility vehicles.
According to this article from WRAL TechWire, the state’s incentives package authorizes up to $316.1 million to be paid over a 32-year period. Additional support will come through state appropriations, up to $450 million, and the company’s agreement with the state will also move $36.6 million into the state’s Industrial Development Fund – Utility Account.