Stories of Technology, Innovation, & Entrepreneurship in the Southeast

Knoxville Business News Tennessee Mountain Scenery Background
April 03, 2022 | Tom Ballard

VinFast announcement adds NC to states with EV and battery plants

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.

Like what you've read?

Forward to a friend!

Don’t Miss Out on the Southeast’s Latest Entrepreneurial, Business, & Tech News!

Sign-up to get the Teknovation Newsletter in your inbox each morning!

  • This field is for validation purposes and should be left unchanged.

No, thanks!