(July 20, 2023) Vietnamese electric vehicle maker VinFast said construction of its North Carolina factory will start July 28 as the company heads toward taking itself public in the U.S. later this year, according to Automotive News.

The plant, to be located in Chatham County’s Triangle Innovation Point, is expected to have an initial production capacity of 150,000 vehicles a year, VinFast said in a statement. The company said production at the facility will begin in 2025.

VinFast, founded by Vietnam’s richest man Pham Nhat Vuong, plans to list in the U.S. by merging with special purpose acquisition company Black Spade Acquisition Co. in the second half of the year. The deal would give VinFast an equity value of about $23 billion.

The factory is part of an ambitious global expansion goal of company founder Vuong, who had a net worth of $4.1 billion as of July 18, according to the Bloomberg Billionaires Index.  

Source: Automotive News