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A Vietnamese vehicle manufacturer which wants to build 250,000 premium electric SUVs per year in the U.S. may be close to finalizing plans to locate a plant in Chatham County’s Triangle Innovation Point megasite.
VinFast, a private automotive startup founded by billionaire Pham Nhat Vuong, is closing in on an agreement to invest up to $7 billion in a manufacturing plant at Chatham’s Triangle Innovation Point — one of the county’s two megasites.
If it happens, VinFast would mark one of the largest economic development projects in North Carolina’s history.
As first reported by the Triangle Business Journal, VinFast would produce both electric batteries and vehicles at the site. Unnamed sources told TBJ that VinFast plans to occupy more than 1,000 acres in Triangle Innovation Point.
An official announcement from Gov. Roy Cooper’s office is expected within the week.
The company’s full build-out will eventually bring between 10,000 and 13,000 jobs to the TIP site, the 2,158-acre life science and advanced manufacturing park formerly known as the Moncure Megasite. It’s located in southeast Chatham close to the Lee County line.
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The company’s full build-out will eventually bring between 10,000 and 13,000 jobs to the TIP site, the 2,158-acre life science and advanced manufacturing park formerly known as the Moncure Megasite. It’s located in southeast Chatham close to the Lee County line.
Where will they get 10,000 assembly line workers? I am assuming the would draw from many blue-collar areas around the state (and from other states) that have lost jobs.
North Carolina may have landed its first auto manufacturer: a Vietnamese startup with plans to build a new line of electric cars in the greater Triangle area, a source tells The News & Observer. A legislative source close to the state’s negotiations process said a Vietnamese auto manufacturer will invest at least $5 billion to build a plant at Moncure’s Triangle Innovation Point, a 2,150-acre “megasite” just north of Sanford. The new facility will employ as many as 13,000 people, the source said. The source declined to name the company but the Triangle Business Journal identified it as VinFast, an EV startup founded in 2017 by billionaire Pham Nhat Vuong.
Michael Hyland
@MichaelWNCN
·
3m
New details on Vietnamese electric vehicle maker VinFast building a plant in Chatham County: bringing 7,500 jobs with average wage of about $51K, company investing just over $4 billion by 2026, production to begin Q4 of 2024 @WNCN
#ncpol #ncga
I assume they will draw many workers from Chatham, Lee, and Harnett counties that could work there and commute back and forth from their current homes. They'll definitely also attract displaced or underemployed workers from other outlying counties that will either commute far distances or try and move closer to the site while still trying to remain in affordable housing.
It's odd because this site is technically rural, but it's only 9 miles down the road from where I live in west Apex, where housing prices have gone insane over the last couple of years. It's tough to even find a townhouse for under $400k or a new single family home for under $700k. Even though this new company mega-site is so close to where I live, I suspect they'll attract much less of their workforce from Wake county, even though the site literally borders Wake. I just don't see any of the average workers making $45-55k looking for housing in Wake. Heck even, Pittsboro, Sanford, Lillington, etc. are going to be tough with those wages.
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