Vinfast opens store in California, receives $1.2 billion from North Carolina for EV factory
On Thursday, Vinfast opened its first US retail stores in California and announced a $1.2 billion incentive from North Carolina for a planned factory in the state.
Located in Santa Monica, San Mateo, San Diego, Commerce, Berkeley and Corte Madera, the first of 30 Vinfast stores plans to open in California, the Vietnamese automaker said in a press release. solstice. Vinfast also aims to expand its retail reach to other states in the future. Previously, Vinfast said it would start delivering in the US the VF 8 and VF 9 electric SUVs before the end of this year.
Vinfast plans to use three store configurations, designated 1S, 2S and 3S. The 1S version is relatively small and is designed for shopping malls, according to the company. It will have vehicles on display but no parts or service capabilities.
Vinfast store
The 2S store configuration will provide parts and sales, primarily supporting 1S showrooms nearby or in areas of high customer concentration, the release said. The largest 3S stores will have both showrooms and service centers and will handle car and parts sales.
When setting up its first retail store in California, Vinfast on the opposite coast accepted a $1.2 billion incentive package from the state of North Carolina. In a separate release, Vinfast called it the largest economic incentive package in North Carolina history. Local authorities have also committed to encouraging measures.
The factory itself was announced in March, and is expected to begin vehicle production in 2024. Vinfast said it will invest $2 billion in the first phase of construction on the 2,000-acre site, located in Chatham County, near the state capital Raleigh. The annual output is 150,000 vehicles, including electric cars and buses.
Vinfast store
The North Carolina plant will eventually produce the VF 8 and VF 9 SUVs for the US market, but the initial allocation will be from Vinfast’s existing plant in Vietnam.
We had a close look at VF 8 and VF 9 in February, while another look at the New York auto show in April has yet to see production-level cars. A background drive April also showed that the VF 8 needed some development and tweaking — making this year’s delivery target seem increasingly distant.
That said, as we’ve highlighted, the established company seems very determined to meet its vehicle goals, and it’s growing much faster than startups.
Vinfast has also priced its cars at a mandatory level battery registration program—First model of its kind. So, setting aside ambitious plans, there are still many unknowns as Vinfast prepares to enter the US market.
