VinFast will use some of the funds from the IPO for its $2 billion plant in North Carolina.<\/figcaption><\/figure><\/div>\n\n\n\nVinFast has quickly become the largest automotive brand in Vietnam and gained traction in several other Asian markets. It is betting that it can turn a sizable profit by expanding into North America and Europe. But it remains in the red, losing $1.3 billion in 2021 and another $1.4 billion during the first three quarters of this year.<\/p>\n\n\n\n
U.S. plant to open in 2024<\/h2>\n\n\n\n
And it has significant expenses ahead. The automaker plans to invest $2 billion initially in its new North Carolina plant \u2014 but it has laid out expansion plans that could substantially increase that investment.<\/p>\n\n\n\n
The new factory is expected to begin operations in 2024 and could be critical towards establishing VinFast\u2019s presence in the States. Under the Inflation Reduction Act passed by Congress this year, automakers need to meet domestic production targets that include not only EVs but the batteries they rely on. The North Carolina facility will get its own battery production plant, VinFast said.<\/p>\n","protected":false},"excerpt":{"rendered":"
VinFast, the Vietnamese EV maker set to deliver its first vehicles to American buyers this month, filed a registration statement necessary for it to launch a public offering sometime in 2023. Get details at TheDetroitBureau.com.<\/p>\n","protected":false},"author":2,"featured_media":231569,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","footnotes":""},"categories":[4344,7,8,5,10,1164,2648,13,1347],"tags":[2661,4158,8957,3621,5597],"make":[],"post-state":[],"category_old":[],"acf":[],"_links":{"self":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/235858"}],"collection":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/comments?post=235858"}],"version-history":[{"count":3,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/235858\/revisions"}],"predecessor-version":[{"id":235862,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/235858\/revisions\/235862"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/media\/231569"}],"wp:attachment":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/media?parent=235858"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/categories?post=235858"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/tags?post=235858"},{"taxonomy":"make","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/make?post=235858"},{"taxonomy":"post-state","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/post-state?post=235858"},{"taxonomy":"category_old","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/category_old?post=235858"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}