EV Moves: ‘Electric Vietnamese’ Vehicle Future Opens In The U.S.
By Greg Kahn
Emerging Tech Exchange
Founder & CEO
Published on July 31, 2023
“We see a lot of potential in the U.S. market with EV infrastructure ... with the regulations to force EVs in major cities by 2035,” VinFast CEO Le Thi Thu Thuy told CNBC Squawk Box on the Vietnamese electric vehicle maker’s entry into the U.S. “So I think there’s a huge market and the whole world is moving from internal combustion engine vehicles to EVs”
Ground will be broken this Friday, Aug. 4 in North Carolina on VinFast’s first EV factory outside of its native country.
The move is a major milestone for Vietnam, the U.S., and the arrival of the EV future. It’s a signal that the EV doesn’t just belong to Tesla or the major automakers in the U.S., Japan, Germany, or South Korea. Vietnam is planting its flag here and that is a positive sign for the competitive advancement of the EV market as a whole.
The opening of VinFast’s North Carolina factory also shines a light on the need for government support to draw more companies to the U.S. The EVs rolling out at VinFast’s new facility could qualify for up to $7,500 in U.S. tax credits. VinFast vehicles do not currently qualify because they are not built in the country, but are built in Vietnam, CNBC noted.
When I was traveling in California last spring, I was inspired to write about the problems on our road to the “electric future.” Specifically, I have noticed some issues with Tesla and e-bikes that are hindering what should be a much more robust market.
Lack of affordability was one issue. But the lack of charging stations available to EV drivers was among the biggest hurdles. But recently, Tesla agreed to share charging stations with major automakers in the U.S., who are also investing in their own battery depots to avoid overreliance on Tesla and its CEO Elon Musk.
In addition to the rapid expansion of EV charging locations, I’ve been heartened by the amount of dealmaking in the space.
I recently posted that Genesis is developing a new flagship electric SUV, the GV90, its largest EV so far. The GV90 will feature the latest technology and software in a rare collaboration between the Hyundai Motor Group and Samsung.
What do you think: are the EV roads starting to open more widely? Will the entry of VinFast accelerate the growth of EV in the U.S.? Drop me a line.
Greg Kahn
Emerging Tech Exchange
Founder & CEO
