The US electric vehicle market is still dominated by Tesla (TSLA) – Get Tesla Inc. Reportwhich is by far the largest manufacturing and supply company in the world.
Tesla produced and delivered more EVs than any other company in the world in the first half of the year, with 563,987 cars produced and 545,884 deliveries.
Volkswagen had some of the best results from Tesla’s competition in the first half of 2022, with 217,100 EVs. Ford Motor Co. (f) – Get report from Ford Motor Company delivered nearly 23,000 EVs in the first half of 2022. Rivian (RIVN) – Get the Rivian Automotive Inc. report says it aims to produce 25,000 EVs by 2022.
Rivals ramp up production
Ford said it aims to produce 600,000 electric vehicles per year by the end of 2023 and 2 million per year by the end of 2026, according to a statement. CEO Jim Farley said in the company’s second-quarter earnings call that it is targeting production of 14,000 EVs in July.
General engines (GM) – Get the report from the General Motors company more than 7,600 EVs delivered in the first half of 2022 and less than 25,000 EVs by 2021. GM CEO Mary Barra claims her company will surpass Tesla within three years using a plan to lower the price of its EVs. The automaker is cutting the Chevrolet Bolt small electric SUV to start at $26,000 later in 2022 and also plans to sell a Chevy Equinox small electric SUV with a 300-mile range for about $30,000 in the fall of 2023.
The base price of Tesla’s Model 3 starts at $46,990 and remains the cheapest vehicle.
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Tesla’s Chinese rivals have had some success with the competition, as BYD sold 323,519 electric vehicles in the first half of 2022. But Shanghai-based Nio (NIO) – Buy NIO Inc. American Depositary Shares Each Representing One Class A 蔚来汽车 Report only 10,052 EVS delivered; Guangzhou, China, EV maker XPeng (XPEV) – Buy XPeng Inc. American depositary shares each holding two Class A 小鹏汽车 Report . represent delivered 11,524 EVs and Beijing-based Li Auto Inc. (LI) – Get Li Auto Inc. Report said it delivered 10,422 EVs in July.
Young Vietnamese EV maker VinFast, which began taking orders for its VF 8 and VF 9 electric SUVs in January, is ramping up sales in the US with the opening of its first six stores in California, according to a statement. The Hanoi-based company opened locations in Berkeley, Commerce, Corte Madera, San Diego, San Mateo and Santa Monica, California in July to showcase and sell its vehicles.
VinFast said it plans to open more than 30 stores in California and will explore possible expansion to other states in the US, the website said.
The VinFast VF 8 with a range of 316.9 miles is priced from $41,000, while the starting price for the VF 9 (422.5 miles) is $56,000.
Founded in 2017, the company announced plans in April to build its second plant in North Carolina with a capacity of 150,000 vehicles per year. The company’s flagship factory is located in Haiphong, Vietnam.
Factory gets incentive package
VinFast announced in July that the state of North Carolina has given its plant there a $1.2 billion stimulus package. The package, approved by Governor Roy Cooper in early July, is the largest economic stimulus package in state history. The new factory opening would make VinFast the first automaker to locate in North Carolina, according to a statement.
“VinFast applauds North Carolina for their efforts and determination in advancing the state’s clean energy economy and carbon reduction,” VinFast Manufacturing US CEO Van Anh Nguyen said in the statement. “This investment by the State of North Carolina is the starting point for a future marked by innovation, employment and economic growth. Today is an example of how government and business can work together to pursue a better future.”
Construction on the plant is expected to begin sometime in the second half of 2022 and production will begin in July 2024.