VinFast is Building A $4B Auto Plant In Moncure, NC

Well the good news is that Moncure will soon have the VinStore, VinSchool, VinMed Clinic, and VinBar. I can't wait!

Reading the jalopnik article just reinforces my earlier suspicions:
Cape Fear said:
I'm with y'all. I've been speculating since the news broke on this thing that it's some big money laundering thing funded by NC taxpayers. Or some clever graft by the VinFast people & politicians.
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noway2 said:
This was in the Chatham Chatlist (email) list this morning:

The jalopnik review is worth reading. To say it's scathing, and unflattering would be an understatement. If the review is any indication this Vinfast is going die fast.


Edit to add, this is from the test drive portion of the review:

The journalist was repeatedly told that the only thing the US models need is a few software tweaks and they'll be ready for our market. Yeah right! Who is going to pay upwards of $60K and then have to pay thousands more every year to lease a battery for a car that is basically junk?
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They reviewed a pre production unit. And Jalopnik does nice articles but, like consumer reports, they lack depth in automotive engineering knowledge. Time will tell but if you are into electric vehicles this one may be a good option.
 
If you're concerned about these things, you might want to get on the Chatham County government mailing lists for various sorts of information. On Oct. 19, for example, they sent an email titled "2022 State of Chatham County Report" in which they sketch some of the incentives provided for the Chatham County VinFast project. Just FYI, here's an excerpt from that email:

In March 2022, Vietnamese electric vehicle manufacturer VinFast announced it will build its first North American plant at the Triangle Innovation Point in Moncure. And just six months later, semiconductor manufacturer Wolfspeed announced it will build a major fabrication plant at the Chatham-Siler City Advanced Manufacturing Site in Siler City.

“Years of hard work and collaboration by former and current commissioners, county staff, and our economic development team came together to bring these historic investments to our community,” said Howard. “These opportunities will bring job growth to the tune of 9,000 new positions that will benefit our local workers, their families, and our region for generations to come.”

The report also includes updates on activities within the Chatham Comprehensive Plan, countywide initiatives, and achievements within county departments and programs. The 2022 State of Chatham County Report is posted on the Chatham County Website: www.chathamcountync.gov/stateofthecounty.

VinFast Incentives Agreement
Also at the October 17th meeting, the Board unanimously approved the $4 billion incentives agreement for VinFast after holding a public hearing. The project expects to create approximately 7,500 full time equivalent jobs at an average wage exceeding or equal to that of the median average wage for Chatham County by December 31, 2027.
According to the agreement, the County will make annual performance-based cash incentive grants to the company for 20 years equal to a declining percentage of actual increased property taxes paid. Performance would be measured by the creation of eligible jobs:
• 90% in years 1-4
• 80% in years 5-8
• 75% in years 9-11
• 60% in years 12-15
• 50% in years 16-20

In lieu of providing land to VinFast, the County would make cash, performance-based, payments over a period of years using increased property taxes to reimburse the company for its costs in acquiring land for the project.
• Payments will coincide with the initiation of the Business Incentive Grant.
• Once land acquisition payments total the cost, the County’s obligation to make the payments will end.

Planning and site development are currently underway. VinFast broke ground this fall and aims to start manufacturing and production at the facility by 2024.
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I found the amounts involved and the kinds of incentive, in some cases, to be a bit surprising. I suppose I shouldn't have. It may in fact be a good deal over time for the county and for workers in it. As my wife said, that land was just sitting there unused and pretty much of a mess. Hard to tell how things will come out.
 
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Bezep1 said:
They reviewed a pre production unit.
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And were repeatedly told that all they required to be market ready was a few software tweaks. Reminds me of the old line, "That's OK will fix it in the software" when referring to bad hardware design.

I know I won't be buying one, but then I am not a real believer in electric cars, which only push the pollution back to the power plant.
 
noway2 said:
And were repeatedly told that all they required to be market ready was a few software tweaks. Reminds me of the old line, "That's OK will fix it in the software" when referring to bad hardware design.

I know I won't be buying one, but then I am not a real believer in electric cars, which only push the pollution back to the power plant.
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Fixed In Next Release is not a way to go through life.
 
LesBaer45 said:
I'll go out on a limb here and say these grifters will move on after skimming as much fed/state "green" money as they can. I'll bet they never build a single "auto" and would be shocked if they get battery production running. I think a lot of these companies coming to this area will bail in a heartbeat if the economy really starts to slow. At best they'll "delay" their plans or "re-adjust" priorities in timelines.
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Nailed it.... your post was almost exactly a year ago.


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Me. said:
Nailed it.... your post was almost exactly a year ago.


View attachment 595758

View attachment 595760
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Damn, I was right about something.

I should buy a PowerBall ticket this weekend.

I should add I've also seen where they are cutting the prices on their EV's currently selling or rather not selling in CA of all places. Something like they had > 800 EVs that have been sitting and not moving in CA alone.

Doesn't mean anything, just another 'hmmm' moment.
 
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Bezep1 said:
They're figuring out they aren't selling. They're a fad.
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Not only that, from what I have read the product is of poor quality. I think the links may be in this thread, but there were some reviews of the dog and pony show that the company put on. The short description is that it is a company town (think back to the Railroads in our history) run by an oligarch resulting in a product produced accordance with the highest of Communism standards.
 
Delaying the factory so they can design another damn car. Lol
 
Here's a recent piece on this subject: https://chathamjournal.com/2023/04/...perties-in-crosshairs-of-ncs-vinfast-project/

I reiterate the first questions I had: who in their right mind would buy what reviews show to be a poor quality Vietnamese electric car for more than$50K?

Now that foreign corporation has "consolidated" their US and Canadian operations into one, laid off a number of employees, stated that they are going to delay at least a year on their new plant in Moncure, and now there is talk that it is likely never going to happen. Yes, the people who live there are going to be subject to a taking to benefit a foreign corporation. What is wrong with this picture?

The way to stop "eminent domain" is to make it into "eminent death" for those who try it. Armed robbery is justification for the application of deadly force and armed robbery by the politicians is still armed robbery.
 
noway2 said:
Here's a recent piece on this subject: https://chathamjournal.com/2023/04/...perties-in-crosshairs-of-ncs-vinfast-project/

I reiterate the first questions I had: who in their right mind would buy what reviews show to be a poor quality Vietnamese electric car for more than$50K?

Now that foreign corporation has "consolidated" their US and Canadian operations into one, laid off a number of employees, stated that they are going to delay at least a year on their new plant in Moncure, and now there is talk that it is likely never going to happen. Yes, the people who live there are going to be subject to a taking to benefit a foreign corporation. What is wrong with this picture?

The way to stop "eminent domain" is to make it into "eminent death" for those who try it. Armed robbery is justification for the application of deadly force and armed robbery by the politicians is still armed robbery.
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There are plenty of stupid people who will buy one because they've been fooled into thinking it's green. Virtue signaling cucks lol
 
noway2 said:
Here's a recent piece on this subject: https://chathamjournal.com/2023/04/...perties-in-crosshairs-of-ncs-vinfast-project/

I reiterate the first questions I had: who in their right mind would buy what reviews show to be a poor quality Vietnamese electric car for more than$50K?

Now that foreign corporation has "consolidated" their US and Canadian operations into one, laid off a number of employees, stated that they are going to delay at least a year on their new plant in Moncure, and now there is talk that it is likely never going to happen. Yes, the people who live there are going to be subject to a taking to benefit a foreign corporation. What is wrong with this picture?

The way to stop "eminent domain" is to make it into "eminent death" for those who try it. Armed robbery is justification for the application of deadly force and armed robbery by the politicians is still armed robbery.
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Vietnam is a red star communist country. They are 10000000000% Down with taking private property.

Dumb, dumb, dumb. Old Roy thinks he is so smart.

John
 
noway2 said:
Here's a recent piece on this subject: https://chathamjournal.com/2023/04/...perties-in-crosshairs-of-ncs-vinfast-project/

I reiterate the first questions I had: who in their right mind would buy what reviews show to be a poor quality Vietnamese electric car for more than$50K?

Now that foreign corporation has "consolidated" their US and Canadian operations into one, laid off a number of employees, stated that they are going to delay at least a year on their new plant in Moncure, and now there is talk that it is likely never going to happen. Yes, the people who live there are going to be subject to a taking to benefit a foreign corporation. What is wrong with this picture?

The way to stop "eminent domain" is to make it into "eminent death" for those who try it. Armed robbery is justification for the application of deadly force and armed robbery by the politicians is still armed robbery.
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All NC property owners should contact their reps over this!
From the article, "NC lawmaker files eminent domain reform bill
Rep. Dennis Riddell, R-Alamance, has introduced H.B. 458, which would amend the state constitution to prohibit condemnation of a property except for public use and be properly compensated for it if it was taken for eminent domain."

FYI trump has said he "loves eminent domain". Why? He used the gubmint's guns to take away the little person's homes so he could make more profit.
 
Well the grifters scammers ponzi artists EV builders finally figured out a way to get that U.S. stock listing done.

They had to resort to a SPAC to do it, and a SPAC that seems, suspect at that to achieve that crazy valuation for the U.S. stock market.

ISTR a study somewhere that showed companies going "public" via SPAC didn't exactly take off and the charts seemed to dive off to the lower right rather than upper but I could be wrong. I often am.

Guess we all have to wait and see how the long game plays out although I am holding firm to my belief this one ends up in tears.

SPAC me

Vietnamese electric automaker VinFast said on Friday it will list in the United States via a merger with special purpose acquisition company (SPAC) Black Spade Acquisition Co.

The move comes after the startup last month said it had received a fresh round of funding pledges worth $2.5 billion from parent company Vingroup, Vietnam’s biggest conglomerate, and founder Pham Nhat Vuong, Vietnam’s first billionaire and richest man.

After the merger, the new entity will have an enterprise value of approximately $27 billion and an equity value of $23 billion, “assuming no BSAQ shareholders elect to have their Black Spade shares redeemed for cash as permitted,” VinFast and Black Spade said in a joint statement.
 
chathamjournal.com

VinFast to hold North Carolina EV factory groundbreaking ceremony July 28 - Chatham Journal Newspaper

Raleigh, NC – VinFast announced it will hold the groundbreaking ceremony of its electric vehicle factory in North Carolina on July 28. This will be the first electric vehicle manufacturing facility in North Carolina. VinFast’s manufacturing facility will be built…<p class="more-link-p"><a...
chathamjournal.com chathamjournal.com

Raleigh, NC – VinFast announced it will hold the groundbreaking ceremony of its electric vehicle factory in North Carolina on July 28. This will be the first electric vehicle manufacturing facility in North Carolina.

VinFast’s manufacturing facility will be built at the Triangle Innovation Point in Moncure, North Carolina. Covering an area of approximately 1,800 acres, VinFast’s factory is designed to reach a capacity of 150,000 vehicles per year in phase 1. The factory will consist of two main areas: electric vehicle production and assembly. The complex will also house supplementary supplier businesses.
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150,000 of these junk vehicles per year? Read any of the reviews? Who's going to be buying them? Anyone here? Show of hands, please. I don't want a coal burning car at all, let alone one that is a poor-quality pile of communist crap.
 
noway2 said:
chathamjournal.com

VinFast to hold North Carolina EV factory groundbreaking ceremony July 28 - Chatham Journal Newspaper

Raleigh, NC – VinFast announced it will hold the groundbreaking ceremony of its electric vehicle factory in North Carolina on July 28. This will be the first electric vehicle manufacturing facility in North Carolina. VinFast’s manufacturing facility will be built…<p class="more-link-p"><a...
chathamjournal.com chathamjournal.com


150,000 of these junk vehicles per year? Read any of the reviews? Who's going to be buying them? Anyone here? Show of hands, please. I don't want a coal burning car at all, let alone one that is a poor-quality pile of communist crap.
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Uneducated politicians wasting our tax money. Disgusting. Toyota just announced a solid state battery, 700 mile range in 10 minutes of charge (that is problematic for the electric grid but..). Once they hit the market you won't be able to give away the lithiums based ones lol
 
Bezep1 said:
700 mile range in 10 minutes of charge (that is problematic for the electric grid but..)
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Yeah. 1 watt is 1 joule per second. 1 joule representing a coulomb of charge which has a mechanical equivalent in terms of kinetic energy and moving mass. Another way of thinking of it is 1 amp at 1 volt through 1 ohm of resistance. All that charge has to be put in the battery. 700 miles, figure thats at about 12 hours of driving at an average speed of 60mph. So how many amp-hours does that equate to? I don't know exactly, but I can say it is A LOT. That in turn is A LOT of current that has to be drawn from the electrical system. Yeah, problematic for sure.
 
noway2 said:
Yeah. 1 watt is 1 joule per second. 1 joule representing a coulomb of charge which has a mechanical equivalent in terms of kinetic energy and moving mass. Another way of thinking of it is 1 amp at 1 volt through 1 ohm of resistance. All that charge has to be put in the battery. 700 miles, figure thats at about 12 hours of driving at an average speed of 60mph. So how many amp-hours does that equate to? I don't know exactly, but I can say it is A LOT. That in turn is A LOT of current that has to be drawn from the electrical system. Yeah, problematic for sure.
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The wires just aint big enough
 
noway2 said:
Yeah. 1 watt is 1 joule per second. 1 joule representing a coulomb of charge which has a mechanical equivalent in terms of kinetic energy and moving mass. Another way of thinking of it is 1 amp at 1 volt through 1 ohm of resistance. All that charge has to be put in the battery. 700 miles, figure thats at about 12 hours of driving at an average speed of 60mph. So how many amp-hours does that equate to? I don't know exactly, but I can say it is A LOT. That in turn is A LOT of current that has to be drawn from the electrical system. Yeah, problematic for sure.
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No problem… I mean it is someone’s else’s problem … that will be fixed when there are brown out across the country ..

The first step will be to outlaw recharging the vehicles then have rolling recharging times based on your government ID. Don’t have a government ID? Easy they are free for illegals but the rest of us will need to pay a yearly fee of $2,000.
If you don’t charge your vehicle during your designated time you forfeit your next three time slots and have to pay an extra $2,000. See - no problem…
 
noway2 said:
Yeah. 1 watt is 1 joule per second. 1 joule representing a coulomb of charge which has a mechanical equivalent in terms of kinetic energy and moving mass. Another way of thinking of it is 1 amp at 1 volt through 1 ohm of resistance. All that charge has to be put in the battery. 700 miles, figure thats at about 12 hours of driving at an average speed of 60mph. So how many amp-hours does that equate to? I don't know exactly, but I can say it is A LOT. That in turn is A LOT of current that has to be drawn from the electrical system. Yeah, problematic for sure.
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a typical sedan at highway speed represents kinetic energy of about 500 kilojoules

Kinetic Energy Calculator

Free online Kinetic Energy calculator with which you can calculate the energy of an object or body in motion given its mass and velocity, such as a bullet or arrow. ➤ The calculator can be used to solve for mass or velocity given the other two. Supports multiple metrics like meters per second...
www.gigacalculator.com www.gigacalculator.com

figure 800kJ with the inefficiencies accounted for, then figure how fast you want to charge the battery to put that much energy back in, and then you see the problem very quickly

it all comes down to the time involved ... if everybody wants to charge their car batteries all at once, and in less than an hour, well, we will need a new grid that is 4x as capacious as the one we have AND a dozen new Shearon Harris size reactors

someone, check my math because if I am right, we are being hoodwinked by our overlords once again
 
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