New Car Brand Sighted (Raleigh, Cary: neighborhood, buyers, cars)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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I saw a VinFast SUV last night on Westgate Road in Raleigh last night. First time I've seen the brand. It had a license plate trim border indicating Leith VinFast. Online reviews of the brand are not positive but I'm sure the reported issues will be corrected soon.
There are a couple near me in West Cary. The $250/mth lease helped drive some remaining volume. We will see if they are able to improve their quality and fix their issues. Their lease model where they pay you if the vehicle is in the shop, is ripe for a money-making opportunity if they need to keep your vehicle for a few weeks trying to fix an issue.
Lots of firesales in the electric vehicle space - Mercedes EQB and Toyota bZ4X are also having deep discounts. Many great deals on with MB EQE/EQS and Lucid Pure over the last few months, but many of those have dried up for now.
The positive aspect is that North Carolina won't incur any financial obligations until they achieve their milestones. If Vinfast fails to launch the factory entirely, the only 'expense' for North Carolina and its taxpayers would be the opportunity cost of time spent on the project. Personally, I believe we should observe the situation and, if Vinfast fails to launch at that site there's no further progress by let's say middle of next year, work with Vinfast to compensate them fairly for the work already performed on the site and then seek other significant employers to utilize the site.
The positive aspect is that North Carolina won't incur any financial obligations until they achieve their milestones. If Vinfast fails to launch the factory entirely, the only 'expense' for North Carolina and its taxpayers would be the opportunity cost of time spent on the project. Personally, I believe we should observe the situation and, if Vinfast fails to launch at that site there's no further progress by let's say middle of next year, work with Vinfast to compensate them fairly for the work already performed on the site and then seek other significant employers to utilize the site.
This was expressly stated at the get-go as additional justification for the project.
SOMETHING is going to be developed and bring jobs to the site. Development of infrastructure will benefit the next tenant and the State and Region if Vinfast bails.
The positive aspect is that North Carolina won't incur any financial obligations until they achieve their milestones. If Vinfast fails to launch the factory entirely, the only 'expense' for North Carolina and its taxpayers would be the opportunity cost of time spent on the project. Personally, I believe we should observe the situation and, if Vinfast fails to launch at that site there's no further progress by let's say middle of next year, work with Vinfast to compensate them fairly for the work already performed on the site and then seek other significant employers to utilize the site.
All of the work that has been done thus far has been paid by NC taxpayers, so there is no reason for us to compensate Vinfast. They'd actually need to compensate us if they fail per the agreement with the state, though that may be tough if the company completely dissolves worldwide. The incentive deal the state offered included $400 million upfront that was not directly tied to job creation or investment goals including:
$125 million paid by the state upfront to prepare the site (this is the only work that's been done - we the taxpayer paid for that)
$200 million for road and infrastructure improvements in the area (this state work is ongoing)
Funds to develop a worker training program and improve Sanford sewer and water
^^ some of these investments will benefit us for another potential factory if Vinfast fails
We are protected on the VAST majority of the incentive package though like you said. They need to create 1,997 jobs by the end of 2024 (will be shocked if they hit this), 3,624 by 2025, and 3,875 for 2026 - 20236 to get the JDIG investment from the state. They can request a two year extension on all dates if needed.
So far... the actual investment we've seen has been paid by NC (the $125 million in preparing the site). Now that the burden has shifted to Vinfast to fund / build the actual buildings... they've gone pretty quiet and the site sits idle. It will be an interesting couple of months to watch and see what happens. They need to start going vertical soon if they are going to be occupying the site in 2025. Analysts asked probing questions yesterday about how Vinfast plans to fund expansion and factories given their cash position... they did a good job dodging questions by saying they are looking at "options." My guess is nothing starts until they can raise more cash to actually build buildings. They are buying time right now and given they have stopped communicating with the permit office since December... anybody's guess on when they'll press forward.
This reminds me of the cell phone wars. The spoils will go to the biggest players.
I think the Cybertruckbros will find out they own a Treo in the end.
Isnt VF doing the battery lease thing? I think that will be a huge turnoff. They should have called their car the "PhoPho".
On one hand I hate the e-car offerings (at least right now) but on the other hand, I'd really like to stop hearing dump tubes running up and down High House at 10pm on the weekends.
This reminds me of the cell phone wars. The spoils will go to the biggest players.
I think the Cybertruckbros will find out they own a Treo in the end.
Isnt VF doing the battery lease thing? I think that will be a huge turnoff. They should have called their car the "PhoPho".
On one hand I hate the e-car offerings (at least right now) but on the other hand, I'd really like to stop hearing dump tubes running up and down High House at 10pm on the weekends.
They dropped the battery lease concept a year or so ago. I dont think that concept will fly, maybe not ever, but certainly for the foreseeable future.
All of the work that has been done thus far has been paid by NC taxpayers, so there is no reason for us to compensate Vinfast. They'd actually need to compensate us if they fail per the agreement with the state, though that may be tough if the company completely dissolves worldwide. The incentive deal the state offered included $400 million upfront that was not directly tied to job creation or investment goals including:
$125 million paid by the state upfront to prepare the site (this is the only work that's been done - we the taxpayer paid for that)
$200 million for road and infrastructure improvements in the area (this state work is ongoing)
Funds to develop a worker training program and improve Sanford sewer and water
^^ some of these investments will benefit us for another potential factory if Vinfast fails
We are protected on the VAST majority of the incentive package though like you said. They need to create 1,997 jobs by the end of 2024 (will be shocked if they hit this), 3,624 by 2025, and 3,875 for 2026 - 20236 to get the JDIG investment from the state. They can request a two year extension on all dates if needed.
So far... the actual investment we've seen has been paid by NC (the $125 million in preparing the site). Now that the burden has shifted to Vinfast to fund / build the actual buildings... they've gone pretty quiet and the site sits idle. It will be an interesting couple of months to watch and see what happens. They need to start going vertical soon if they are going to be occupying the site in 2025. Analysts asked probing questions yesterday about how Vinfast plans to fund expansion and factories given their cash position... they did a good job dodging questions by saying they are looking at "options." My guess is nothing starts until they can raise more cash to actually build buildings. They are buying time right now and given they have stopped communicating with the permit office since December... anybody's guess on when they'll press forward.
Wow, I'm impressed that you have so many details! I obviously didn't do my research on what the state was paying for upfront. I believe it's a good investment either way and should Vinfast fail to launch at that site, or significantly scale back as it seems they might do, hopefully other companies will be interested in expanding there once the infrastructure is in place.
Vinfast is the Maserati of EVs. I don't see them gaining much popularity around here...
Maserati? They've been making cars for over 100 years. I think of VinFast as more of a Bricklin (the ball's in their court if they want to prove me wrong).
They picked the worst time to go public, at a time when EV sales and enthusiasm is beginning to wane. I wish them luck, and they're gonna need it. BTW I am a Tesla shareholder and I hope folks wish me luck, too.
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