VinFast's Struggling US Electric Vehicle Push Raises Concerns for North Carolina Taxpayers
• VinFast, a Vietnamese electric vehicle company, has lost over $5.8 billion in 3 years despite receiving $1.2 billion in incentives from North Carolina to build a factory there.
• VinFast has struggled to sell its vehicles, moving only about 2,000 cars in the US by end of October 2022.
• The company's vehicles have received poor reviews, including a recall of the first 999 models shipped to the US.
• North Carolina taxpayers would be on the hook if VinFast fails, despite the company having backing from Vietnam’s wealthiest billionaire.
• North Carolina is even using eminent domain to seize land to benefit VinFast’s planned factory site.