North Carolina is suing VinFast, the Vietnamese electric vehicle manufacturer for a breach of agreements with the state for a planned EV factory in Moncure, Chatham County.
After being silent for almost two years, electric vehicle maker VinFast said on Monday that it plans to resume construction as early as April on its $4 billion EV manufacturing plant in Chatham County.
During fiscal years 2003–25, almost half of all Job Development Investment Grants ultimately failed to meet their job creation targets."- Joseph Harris, fiscal policy analyst for the John Locke Foundation.
The JDIG and OneNC grant funds promised to create 204,000 jobs when they were created in 1993 and 2002. But they have only delivered on 95,000 as of 2024.
Stein touted future economic growth after record announcements of over 33,000 new positions and nearly $23 billion in overall project investments, in 2025.
State payouts for both projects will occur only after the NC Department of Commerce has confirmed that the company’s performance has met the incremental investment targets and job creation goals.
Natron Energy, a California-based company that planned to build the first US gigawatt-scale sodium-ion battery plant in Edgecombe County, is ending operations on Wednesday.
Secretary of State Elaine Marshall told Council of State members at their meeting on Tuesday that the state had 17,373 new business creations in May, the second highest ever recorded, right behind June 2021. That year set a record for the state with 178,300 businesses created.
Weeks after an announcement that it is preparing to file for Chapter 11 bankruptcy, Durham-based Wolfspeed is laying off 73 workers from its new materials factory in Siler City.
Wolfspeed, the semiconductor supplier headquartered in Durham, faces uncertainty as it prepares to file for Chapter 11 bankruptcy in the coming weeks.
Pharmaceutical company Genentech is expected to come to Holly Springs, with assistance from a JDIG grant.
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