VinFast hits another hurdle in its US electric vehicle expansion, delays EV plant until 2025
EV maker VinFast is facing another setback in its US electric vehicle expansion. The Vietnamese EV maker announced Friday it will postpone plans to begin production at its planned EV plant in North Carolina until 2025.
VinFast delays US EV plant operations until 2025
VinFast announced last March it had signed a memorandum of understanding (MOU) with the state of North Carolina to build its first EV facility in North America and expand its manufacturing footprint.
The company initially claimed it would invest up to $2 billion for the first phase at the Chatham County, North Carolina manufacturing site, with 150,000 annual vehicle capacity.
VinFast plans to break the nearly 2,000 acres site into three distinct areas – electric vehicle and bus production (and assembly), EV battery manufacturing, and ancillary industries for suppliers.
In July, Chatham County rewarded VinFast with a $1.3 billion incentive package, making it the largest in North Carolina state history.
Construction for phase 1 was initially expected to begin in 2022. However, VinFast is still awaiting a permit from the US Army of Engineers designed to minimize water and wetland damages after receiving the air quality permit from the NC Department of Environmental Quality last month.
Now VinFast is pushing back plans to begin producing at the EV plant to 2025, a year later than initially expected. VinFast said in a statement:
We need more time to complete administrative procedures.
VinFast delivered its first batch of VF 8 electric vehicles to US customers on March 1, delaying the rollout over a software update, but says the second batch won’t be shipped until the second quarter of 2023.
Electrek’s Take
VinFast’s timeline was ambitious to begin with, so it’s not surprising to see a delay at this point. However, after making swift progress early last year, the EV maker has encountered several hurdles since that’s slowing its roll.
Giving the plant an extra year to begin operations may be the right thing to do right now rather than rushing to get it done and running into issues later.
I’m hopeful VinFast will be able to smooth things out and get back on track as it looks to build its brand in the US and globally.
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Environment
Japan’s Nippon expected to close acquisition of U.S. Steel at $55 per share, sources say
Japan’s Nippon Steel is expected to close its acquisition of U.S. Steel for $55 per share, sources familiar with the matter told CNBC’s David Faber.
President Donald Trump cleared Nippon’s bid for U.S. Steel on Friday, referring to the deal as a “partnership.” Trump said Nippon will invest $14 billion over the next 14 months. U.S. Steel’s headquarters will remain in Pittsburgh, the president said.
U.S. Steel shares were up more than 1% on Tuesday. The $55 per share bid for U.S. Steel is the offer that Nippon originally made for the company before the deal was blocked in January.
President Joe Biden had blocked Nippon’s bid for U.S. Steel on national security grounds, arguing that the deal will potentially jeopardize critical supply chains. But Trump ordered a new review of the proposed acquisition in April, despite his previous opposition to Nippon acquiring U.S. Steel.
The United Steelworkers union had opposed the Nippon’s bid to acquire U.S. Steel. USW President David McCall said Friday that the union “cannot speculate about the impact” of Trump’s announcement “without more information.
“Our concern remains that Nippon, a foreign corporation with a long and proven track record of violating our trade laws, will further erode domestic steelmaking capacity and jeopardize thousands of good, union jobs,” McCall said in a statement.
Trump told reporters on Sunday that the deal is an “investment, it’s a partial ownership, but it will be controlled by the USA.” Pennsylvania Senator Dave McCormick told CNBC on Tuesday that U.S. Steel will have an American CEO and a majority of its board members will be from the U.S.
“It’s a national security agreement that will be signed with the U.S. government,” McCormick told CNBC’s “Squawk Box.” “There’ll be a golden share that will essentially require U.S. government approval of a number of the board members and that will allow the United States to ensure production levels aren’t cut.”
The $14 billion that Nippon will invest includes $2.4 billion that will go to U.S. Steel’s operations at Mon Valley outside Pittsburgh, McCormick said. The deal will save 10,000 jobs in Pennsylvania and add another 10,000 jobs in the building trades to add another arc furnace, the senator said.
When asked what Nippon gets from the deal, McCormick said the Japanese steelmaker will “have certainly members of the board and this will be part of their overall corporate structure.”
“They wanted an opportunity to get access to the U.S. market — this allowed them to do so and get the economic benefit of that,” McCormick said of Nippon. “They’ve negotiated it, it was their proposal.”
Trump said Friday he will hold a rally at U.S. Steel in Pittsburgh on May 30.
Kia has posted details of its 2026 model year EV9 SUV, including updated pricing. Most of the EV9’s third model year carries over from the 2025 version, but there are some cool new customizations and configurations. Additionally, several of the 2026 trims of the Kia EV9 are priced at their lowest to date.
The Kia EV9 has entered its third model year after establishing itself as a slam-dunk of a three-row BEV and a flagship model for the Korean automaker. During its production run, the EV9 has garnered several awards and steady sales as it transitioned production of the BEV to its US plant in Georgia.
As such, the 2025 versions of the Kia EV9 qualify for federal tax credits (while they’re still around). The 2026 versions of the Kia EV9 may also briefly qualify for credits, but the pricing of multiple trims will save consumers a little cash.
We shared how those model-year prices compare below.
Kia lowers a majority of EV9 trim pricing for 2026
Kia shared all the details of its 2026 EV9 models today, including its latest pricing. As mentioned above, most of the updates for the third model year are cosmetic, but there are some (slight) increases to range compared to the 2025 versions.
For example, the Light Long Range EV9 gained a whole extra mile (305 mi), while the Wind and Land trims jumped from 280 miles in 2025 to 283 for 2026. Lastly, the top-tier GT-Line increased the most, gaining 10 miles of range for 2026 (280 miles).
Before we get to EV9 pricing, here are some additional updates, per Kia:
- New Nightfall Edition available on Land trim
- Design and performance enhancements
- Exclusive 20-inch gloss black wheels, black badging, and gloss black trim
- New Roadrider Brown exclusive exterior color
- Exclusive interior seat stitching pattern and design elements
- Offered with both 6-passenger and 7-passenger seating configurations at no extra cost
- All AWD trims (Wind/Land/GT-Line) gain Terrain Mode (Mud/Snow/Sand), which replaces 4WD
- 2026 GT-Line gains two new two-tone exterior color options:
- Glacial White Pearl with Ebony Black roof
- Wolf Gray with Ebony Black roof
Okay, as promised, here’s the 2026 model-year Kia EV9 pricing. For comparison, we’ve included MSRPs for the first three model years of the EV9’s existence so you can see how prices have changed (or held steady). Note that these MSRP’s exclude destination and handling, taxes, title, license fees, options and retailer charges:
| Kia EV9 Trim | 2024 Price | 2025 Price | 2026 Price |
| Light Standard Range | $54,900 | $54,900 | $54,900 |
| Light Long Range | $59,200 | $59,900 | $57,900 |
| Wind | $63,900 | $63,900 | $63,900 |
| Land | $69,900 | $69,900 | $68,900 |
| GT-Line | $73,900 | $73,900 | $71,900 |
As you can see, the Light SR trim of the EV9 held steady at $54,900 for a third consecutive year. The only other RWD option, the Light LR, saw a $2,000 price drop after going up $700 in 2025. The AWD Wind trim once again held steady while the EV9 Land saw a $1,000 decrease.
Last but not least, the 2026 Kia EV9 GT-Line’s pricing dropped $2,000 and is now below $72,000 before taxes and fees. Add the potential for federal tax credits to these drops in 2026 pricing, and now is as good a time as ever to get a shiny new Kia EV9.
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Tesla’s (TSLA) situation in Europe continues to deteriorate, despite electric car sales surging and the new Model Y now being available.
The European Automobile Manufacturers Association (ACEA) released the latest complete data for European vehicle sales for April 2025 today, and it confirmed that Tesla’s total sales in EU, EFTA, and UK amounted to 7,261 units – down 49% year-over-year:
Tesla’s deliveries in Europe are now down 38.8% year-over-year for the first four months of the year.
During that same period, battery-electric vehicle sales grew 26.4% in the market and 34.1% in April alone.
Last week, we reported that Tesla CEO Elon Musk claimed “every manufacturer” is experiencing demand problems in Europe, with “no exception.”
As we can see from the ACEA data, that’s not true. The Volkswagen Group, Renault, BMW, and SAIC are all up year-to-date and in April.
Tesla’s problems persist into May. The data coming from European markets that report daily car registration shows that Tesla’s Q2 is still tracking barely above Q1 and significantly below Q2 2024:
In Q1 2025, Tesla blamed its poor performance on the Model Y changeover, but it doesn’t have this excuse in Q2.
The automaker is currently offering record discounts and incentives to buy in most markets, including Europe. It also has its new Model Y available, but it is clear that Tesla is suffering from demand problem as its sales are down in virtually all markets.
Electrek’s Take
The narrative that everyone is having demand problems in Europe is not true, mainly when you focus on battery-electric vehicles.
Sales are way up. Tesla is the exception in BEVs.
It’s true that the Model Y changeover had an impact in Q1, but it wasn’t fair to blame the full decline on it. A significant portion of Tesla’s issues in Q1 was related to brand damage, primarily due to its CEO, Elon Musk, and this is now becoming clear in Q2.
There’s room to get worried as competition is only going to get tougher.
The brand damage occurring just as customers are gaining more options is not positive for Tesla.
At this point, it’s not clear what Tesla can do to turn things around in Europe. Distancing itself from Musk could help, but even then, it looks like Tesla would need a lot more to get out of an almost 50% drop.
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