Vietnam’s electric vehicle maker VinFast said it had shipped its first batch of 999 cars to the United States, capping a five-year bid to develop an auto production hub in the Southeast Asian country for markets in North America and Europe. | Reuters
VinFast is in the process of building an electric vehicle plant in North Carolina that is awaiting final regulatory approval from local officials.
The Inflation Reduction Act, as currently written, requires automakers to have 50 percent of critical minerals used in EV batteries come from North America or U.S. allies by 2024, rising to 80 percent by the end of 2026. “The IRA came as a surprise to all of us but it doesn’t really impact our strategy in the U.S.,” Thuy told Reuters. “As soon as we start manufacturing cars in the U.S., our customers will be eligible the tax incentive.”
The North Carolina factory project is running months behind schedule, based on the company’s initial targets, and the first shipment of EVs built by VinFast was short of the initial goal to deliver as many as 5,000 cars built at its factory in Haiphong by December.VinFast officials said the number 999 for the vehicles shipped in the first batch had been chosen because it is considered a lucky number in Vietnam.
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