VinFast buys land for auto plant for $44M

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Electric vehicle manufacturer VinFast took another step in ramping up the planned $4 billion electric vehicle assembly and battery plant in Chatham County this week, buying 1,765 acres of land for approximately $44 million.

The purchase of the land, which sits along Moncure Flatwood Road in Chatham County, is the latest milestone for the company’s progress toward construction.

“We are encouraged that VinFast’s land purchase further shows their commitment to Chatham County and forward momentum of the project,” said Dan LaMontagne, Chatham County Manager, in a statement. “We look forward to continuing our work with VinFast and the many partners involved over the coming weeks and months as this great opportunity for our community, region, and state comes to fruition.”

Last month, a company spokesperson told WRAL TechWire that it had begun site preparation, which included leveling and grading the land.

The grantor of the land, or the seller in the transaction, is TIP East Development Partners, and the grantee, or the buyer of the land, is VinFast Manufacturing US, LLC, a North Carolina limited liability company, according to the deed that was recorded with the Chatham County Register of Deeds on Tuesday.

According to the deed, the transaction included an excise tax payment of $87,955.00.  Under North Carolina law, excise tax is paid on all real estate transactions at a rate of one dollar per every $500 or part thereof in purchase price, putting the estimated purchase price at $43,977,500.

In addition to the recorded deed, the company has signed and recorded a memorandum of option to purchase real property.

On track

The company remains on track to begin construction on the land this year, it said in a statement last month.  Should that occur, the company would remain on track to open production at the facility as early as July 2024, with the capacity to manufacture and deliver 150,000 electric vehicles annually.

A document that summarizes the deal the company made with the State of North Carolina notes that the firm has set a goal to increase operational capacity “quickly to reach 200,000 or more vehicles per year.”

How fast is the company ramping up?  Enough that they’re hiring for key positions already.

On Wednesday, a company spokesperson declined to comment further on this story, other than noting that the Vietnamese automaker was still hiring for management positions to be based in North Carolina.

Original Article Source: WRAL TechWire