RALEIGH, N.C. — North Carolina is suing VinFast in an effort to acquire the company’s Chatham County electric vehicle manufacturing site after state officials said the company failed to meet key obligations tied to one of the largest economic development projects announced in state history.
A Vietnamese automaker has announced plans to build a $4 billion electric-vehicle assembly and battery-manufacturing plant at Triangle Innovation Point in Moncure, about 30 miles west of the Triangle. To attract the newly formed company, the state and Chatham County promise to spend nearly $1.2 billion in incentives over the next 32 years. Meantime, VinFast is working to secure $1 billion in investment money to build the plant.
