North Carolina

VinFast Breaks Ground At New North Carolina Factory Despite Perception Backlash, Expects Listing Soon – CleanTechnica

Published

12 months ago

August 5, 2023

VinFast Breaks Ground At New North Carolina Factory Despite Perception Backlash, Expects Listing Soon – CleanTechnica

Despite facing difficulties in the launch of its cars in the US, Vietnamese EV maker VinFast recently broke ground at its North Carolina electric vehicle facility.

Brutal but honest press reports about the VF8 as being “not ready” for the market, technical issues which hounded the first 999 vehicles delivered, and a slow uptake in the sales — only 128 vehicles have been registered since January this year — did not deter the company from pursuing its ambitions to make North Carolina its second base of operations.

“Today’s event marks a new milestone for VinFast, affirming our commitment to the North American market,” Le Thi Thu Thuy, CEO of VinFast, said during the ceremony last July 28 at the 1,800-acre site located within the Triangle Innovation Point in Chatham County, North Carolina.

The groundbreaking ceremony was participated in by North Carolina Governor Roy Cooper, Vietnamese Ambassador to the US Nguyen Quoc Dung, and representatives from state and federal governments, along with a gathering of VinFast’s partners, customers, industry experts, and journalists.

Le Thi Thu Thuy, CEO of VinFast

Setting up the first phase of the EV factory will cost VinFast upwards of VND 47 trillion (approximately US$2 billion), and despite the huge backlash against the brand in the market, VinFast remains undeterred, stating that the manufacturing plant is on track and expected to commence production in 2025 — pushed up one year from the original launch timing.

Roy Cooper, Governor of North Carolina, is happy about the development, as it will create an ecosystem of suppliers and thousands of jobs.

“North Carolina’s skilled and diverse workforce is our greatest strength, and we have the largest manufacturing workforce in the Southeast,” Governor Cooper said. “This VinFast factory will create thousands of good-paying jobs in our state, along with a healthier environment as more electric vehicles take to the road.”

The manufacturing complex, VinFast’s first electric vehicle factory outside of Vietnam, will also “play an important role as the company strives to reach world-class levels of sustainable mobility on a global scale.” Apart from being the first electric vehicle manufacturing facility in North Carolina, it is also the largest economic development initiative in the state’s history.

Roy Cooper, Governor of North Carolina, says Vinfast’s presence will create an ecosystem of suppliers and thousands of jobs.

“Not only will this project create thousands of jobs and contribute to North Carolina’s economic development, but VinFast’s electric vehicles produced here will also bring additional economic benefits to consumers. We also look forward to contributing to the development of the North Carolina community — our second home — during the production and business operation here,” Thuy added.

The groundbreaking coincided with an announcement of a business combination with Black Space, a special purpose acquisition company founded by Black Spade Capital, which runs a global portfolio consisting of a wide spectrum of cross-border investments. The tie-up values VinFast at an enterprise value of US$27 billion and an equity value of US$23 billion. The transaction is expected to close followed by the listing of VinFast in August 2023, subject to shareholder approvals and other customary closing conditions.

“Today represents a remarkable milestone in advancing VinFast’s presence in the U.S. as we move towards our proposed U.S. listing. Along with this exciting step, today we also celebrate the start of construction of our electric vehicle (EV) factory in North Carolina. These achievements will help accelerate our commitment to the global green mobility revolution and our mission to help consumers make the switch to an EV easier and more accessible, while also opening a strategic capital-raising avenue for our global ambitions,” Thuy commented on the business combination, in relation to the setting up of the North Carolina plant.

Once completed, the plant is expected to have an output of up to 150,000 VF 7, VF 8, and VF 9 electric cars annually. The supplier base for components and materials will be primarily concentrated in the US, Vietnam, and a few other countries. Future expansion and updates for the factory will be identified in the next phase.

Currently, VinFast already shook hands with the general contractor and construction management company Clayco to lead the project and will begin the bidding process to select subcontractors soon.

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Unfortunately, the media business is still a tough, cut-throat business with tiny margins. It’s a never-ending Olympic challenge to stay above water or even perhaps — gasp — grow. So …

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North Carolina

Tropical weather update for Wilmington: What we can expect and when

Published

7 hours ago

August 3, 2024

Press Room

Tropical weather update for Wilmington: What we can expect and when

The National Hurricane Center continues to monitor a tropical depression over Cuba. It’s expected to become a tropical storm later Saturday, bringing impacts to the Carolinas around the middle of next week.

Heavy rainfall and flooding are the primary impacts expected, according to the National Weather Service in Wilmington.

“Gusty winds are also possible, but it is too early to predict specific impacts in great detail at this time,” the weather service said.

At the same time, there is the potential for heavy rainfall and some flooding associated with front expected to stall inland this weekend.

As of 11 a.m. Saturday, the center of the tropical depression, which would be name Debby if it becomes a tropical storm, was over Cuba and moving west-northwest near 15 mph. The hurricane center said a turn toward the northwest is forecast for Saturday, followed by a northward motion on Sunday and then a slower northeastwardmotion Sunday night and Monday.

Maximum sustained winds were near 35 mph. Slow strengthening is expected throughout the day Saturday. Faster strengthening is possible Sunday, with the storm nearing hurricane strength when it reaches the Florida Gulf Coast, the hurricane center said.

STORM TRACKER: Monitor the latest tropical developments here.

Here’s a look at what we can expect in the Wilmington area, according to the latest briefing from the National Weather Service in Wilmington.

Wind

The probability of tropical storm force winds has increased, especially for the South Carolina coast. The most likely time of arrival of for northeast South Carolina is Tuesday night into Wednesday morning, and for Southeastern North Carolina is during Wednesday morning.

Rain

The potential for significant rainfall exists with 8 to 12 inches possible from near Cape Fear to portions of thenortheast South Carolina coast. Flash flooding and urban flooding are possible. Some rivers, including the North Cape Fear River and the Waccamaw River, could exceed flood stage next week.

INTERACTIVE MAP: Enter your address to see hurricanes, tropical storms that have passed nearby

Marine impacts

Rough surf, including dangerous rip currents, and hazardous marine conditions are expected this weekend and will persist into the upcoming week.

Are you prepared for a hurricane?

Hurricane season runs from June 1 to Nov. 30. Even if this system won’t pose a threat to the NC coast, it’s never too early to be prepared.

GET READY: Are you prepared for a hurricane? Here’s what to know if you live in the Wilmington area.

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North Carolina

Tropical Depression Four forms on its way to the Gulf of Mexico

Published

14 hours ago

August 3, 2024

Press Room

Tropical Depression Four forms on its way to the Gulf of Mexico

As of the 5 AM update Friday, Tropical Depression Four has formed. Areas along the East Coast including North Carolina need to continue monitoring this system. Winds are at 30 MPH and gusts are up to 40 MPH. The pressure dropped to 1009 mb and is moving to the west at 16 mph. TD 4 is expected to become Tropical Storm Debby over the weekend. Tuesday night and Wednesday are First Alert Weather Days due to the threat to ENC from this system but we may need to adjust the timing as we get closer.

The latest advisory from the National Hurricane Center continues to show ENC in the cone of uncertainty.(WITN)

It’ll move slowly before escaping to the north next week. As it moves up the East Coast, there’s a lot more uncertainty about the track and threats. We expect the track of this system to change through the weekend and even into next week. If ENC sees impacts from this system, they’d likely come mid-week. The longer this system stays over land, the weaker it’ll be. It’ll have the chance to strengthen if it moves back over open water, especially if it moves over the warm waters of the Gulf Stream.

Storms are possible Saturday through Monday as a developing tropical system gets closer.(WITN)

The speed of this system is just as important as the strength. The quicker it moves through, the less rain piles up. If it slows down or stalls, higher rainfall amounts would be expected. Our river levels have dropped a bit since July’s wet weather, but levels are still higher than what you’d find in a typical August.

What We Know, What We Don't — What We Know, What We Don’t(WITN)

This is a reminder that we are heading into the heart of the hurricane season and to make sure your emergency supplies are ready.

Stay with WITN and WITN.com as we continue to track this system over the coming days and monitor the 2024 Atlantic hurricane season.

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North Carolina

Alabama man on work trip stops to buy $3 quick pick Powerball ticket, wins 6-figure jackpot

Published

21 hours ago

August 3, 2024

Press Room

Alabama man on work trip stops to buy quick pick Powerball ticket, wins 6-figure jackpot

Christopher Baker of Leesburg, Alabama was on a work trip in Hickory, North Carolina, when he thought he’d try his luck on a lotto game. It turned out to be a lucrative Powerball win.

An Alabama man on a work trip in North Carolina bought a $3 Quick Pick Powerball ticket on a whim and walked away with a six-figure windfall.

Christopher Baker of Leesburg in northeastern Alabama bought his lucky ticket in July in Hickory, North Carolina, where had been traveling for work, according to Powerball.

When the numbers were drawn, Baker says he had to do a double-take when he realized he had a $100,000 winning ticket. He had matched four white balls and the red Powerball, which would have been $50,000, but a 2X multiplier doubled the win and the disbelief.

“I just kept looking at it to make sure I was reading it right,” he laughed, according to Powerball. “I told my family but they didn’t believe me. either.”

Baker, who called his win “a shocker.” said he plans to save his winnings to buy a house.

Baker will take home $71,501 after federal and state taxes are withheld.

How to play the Powerball

In order to purchase a $2 Powerball ticket, you’ll have to visit your local convenience store, gas station or grocery store − and in a handful of states, you can purchase tickets online.

To play, you will need to pick six numbers in total to mark on your ticket. Five numbers will be white balls ranging from numbers 1 to 69. The Powerball is red and one number which is between 1 and 26.

If you want to increase your chances of winning, you can add a “Power Play” for $1 which increases the winnings for all non-jackpot prizes. This addition can multiply winnings by 2X, 3X, 4X, 5X, or 10X.

Players can also ask a cashier for a “Quick Pick” where a cashier will give you a computer generated numbers on a printed Powerball ticket.

Drawings are held on Monday, Wednesday and Saturday nights. If there’s no jackpot winner, the cash prize will increase by millions.

Where to purchase tickets

Tickets can be purchased in person at gas stations, convenience stores and grocery stores. Some airport terminals may also sell lottery tickets.

You can also order tickets online through Jackpocket, the official digital lottery courier of the USA TODAY Network, in these U.S. states and territories: Arizona, Arkansas, Colorado, Idaho, Massachusetts, Minnesota, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, Ohio, Oregon, Puerto Rico, Texas, Washington D.C. and West Virginia. The Jackpocket app allows you to pick your lottery game and numbers, place your order, see your ticket and collect your winnings all using your phone or home computer.

Jackpocket is the official digital lottery courier of the USA TODAY Network. Gannett may earn revenue for audience referrals to Jackpocket services. Must be 18+, 21+ in AZ and 19+ in NE. Not affiliated with any State Lottery. Gambling Problem? Call 1-877-8-HOPE-NY or text HOPENY (467369) (NY); 1-800-327-5050(MA); 1-877-MYLIMIT (OR); 1-800-981-0023 (PR); 1-800-GAMBLER (all others). Visit jackpocket.com/tos for full terms.

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