Vietnamese electric vehicle (EV) startup VinFast has announced plans to build an additional production facility in its home country, which is expected to double the company’s output and help meet increasing demand.
On Sunday, VinFast said it is looking to build its second factory in Vietnam, which it says will produce 300,000 vehicles per year, or the same production levels as its Haiphong plant (via Reuters). The new factory will be located in the central Ha Tinh province and will produce the popular VF3 city car and the VF5 crossover, and VinFast expects to begin operating the facility as soon as next July, according to the company.
“Demand in international markets is growing rapidly, so the construction of an additional electric car factory … will create a solid foundation for an important and explosive development phase ahead for VinFast,” said Vingroup CEO and Chairman Nguyen Viet Quang.
VinFast market cap reaches $191B, comparable to Tesla’s valuation in 2020
READ MORE ON VINFAST: VinFast offering customers massive payouts for service issues and delays
In the first nine months of 2024, VinFast sold under 45,000 vehicles globally, though it gained a substantial number of preorders for the VF3 in Vietnam with 27,649 pre-orders received within 66 hours. The company also used a unique strategy of selling its EVs across e-commerce platforms, and over half of the company’s preorders were taken online.
Last month, VinFast gained commitments from parent company Vingroup for a round of funding worth $3.4 billion and expected to financially sustain the EV maker and help it reach profitability by 2026. Thus far, VinFast has managed to secure around $17 billion in funding from the parent company and from VinFast Founder Pham Nhat Vuong, who has invested roughly 50 trillion dong (~1.97 billion) of his own money.
The automaker also has dealership and aftersales service agreements in the Middle East and Europe, and it’s aiming to establish a production facility in Thoothukudi, India, with an eventual production capacity of 150,000 EVs per year. VinFast has also begun deliveries of the VF8 in the U.S. in 2022, though the vehicle currently faces an investigation from the National Highway Traffic Safety Administration (NHTSA) after an accident involving the vehicle resulted in multiple fatalities earlier this year.
What are your thoughts? Let me know at zach@teslarati.com, find me on X at @zacharyvisconti, or send us tips at tips@teslarati.com.
StoreDot validates extreme fast charging ‘100in5’ EV cell’s performance
Lucid CEO Silvio Napoli responded to rumors of an imminent bankruptcy that was reportedly being mulled after a report stated the automaker was working with the firm AlixPartners to iron out its next steps.
The company felt a massive loss on Wall Street yesterday, as the report essentially pushed the stock down as much as 55 percent on Tuesday.
The report, published initially by Eletric-Vehicles.com, claimed Lucid was essentially in dire straits and was told by AlixPartners, a commonly used restructuring advisor, to either take shares private or file for Chapter 11 bankruptcy protection.
Lucid’s head of Communications, Nick Twork, immediately challenged the report and stated the company “has sufficient liquidity to carry its operations well into next year.”
Now, the company’s CEO is chiming in as well, stating that the report is “so far from the facts that they require a direct response.”
Napoli said:
“Lucid is not considering bankruptcy or a transaction to take the company private. Those reports are false. The Board did not explore either scenario. Period.
As disclosed in our most recent quarterly filing, Lucid has sufficient liquidity to fund its operations well into next year.
We work with outside advisors to improve operational performance and execution. They are not advising Lucid on a take-private transaction or bankruptcy, and any suggestion that they have recommended either course of action to management or the Board is false.
My priority is clear: turn this company around. That is where the leadership team and I are focused.
I look forward to providing a full update during our quarterly earnings call on August 4th.”
🚨 Lucid CEO Silvio Napoli calls rumors of financial issues “so far from the facts that they require a direct response.”
Read his full remarks here: https://t.co/t3Pg1NHvzy pic.twitter.com/LvHUPhO4Qf
— TESLARATI (@Teslarati) July 15, 2026
It seems pretty clear that Lucid is confident things will be okay, and, to be honest, they should not have much to worry about, especially considering the company has been backed by the Saudi Public Investment Fund (PIF) for years. It has solid financial backing, and its sales, while weak, are pretty much right on par with a company of this age.
Lucid also sent a Cease & Desist letter to the publication for their report.
Lucid shares have rebounded nicely and are up nearly 21 percent at the time of publication. As soon as the company dispelled the rumors of bankruptcy yesterday, the stock began to climb back toward more reasonable levels.
Tesla has once again demonstrated strong customer focus by swiftly addressing and fully refunding a bizarre Supercharger pricing glitch that affected drivers in Atlantic Canada.
The issue surfaced earlier this month when the Tesla app began displaying dramatically inflated per-minute charging rates at stations in Prince Edward Island and parts of New Brunswick.
One widely shared screenshot from a Charlottetown, PEI Supercharger showed rates reaching ridiculous levels: $6.00 per minute for the 180-250 kW tier, along with $3.57/min for 100-180 kW and $2.29/min for 60-100 kW.
Correct pricing will be going live at midnight tonight. All fees since July 2nd 2026 will be waived.
— Tesla Charging (@TeslaCharging) July 13, 2026
These figures were several times higher than normal Supercharger pricing in the region.
To put the error in perspective, charging at the highest incorrect rate would have been shockingly expensive.
At 250 kW, a common charging speed at Superchargers, a vehicle pulls roughly 4.17 kWh per minute. Under the glitch, a driver spending just 10 minutes at peak power would face a $60 bill. A typical 20- to 30-minute session to add meaningful range could have cost $120 to $180 or more, before any congestion fees.
Tesla gets another layer of gamification with Free Supercharging on the line
By comparison, standard Canadian Supercharger rates usually fall between $0.25 and $0.60 per kWh, making a similar session cost roughly $15–$40. The erroneous per-minute structure, combined with the inflated numbers, turned what should be a convenient stop into a potential financial shock.
The glitch appears to have started sometime around early July, and quickly drew attention on social media as owners questioned whether Tesla had implemented steep hidden increases. Some drivers even reported seeing $0 charges in their history, indicating broader billing confusion.
Tesla’s official Charging account on X stated that correct pricing would roll out at midnight on July 13, so the fix is already in effect. More importantly, the company announced it would waive all fees for every Supercharger session since July 2. This blanket waiver covers the entire affected period without requiring users to file individual claims, with automated refunds expected soon. The decision affects stations in PEI and nearby areas in New Brunswick and Nova Scotia.
It’s a classy move, and rather than issuing partial credits or forcing owners to submit support tickets, Tesla simply absorbed the cost of the system error and made drivers whole. In an industry where hidden fees and bill disputes are common, Tesla’s proactive, no-questions-asked approach reinforces owner trust and highlights the company’s commitment to service excellence.
The incident, while disruptive for a short time, ultimately showcases Tesla’s ability to own mistakes and prioritize customer satisfaction. Atlantic Canada Tesla owners can now charge with confidence again, knowing the company has their back when technology glitches occur.
In an era of complex EV billing, such transparency and generosity are refreshing and set a positive example for the industry.
SpaceX’s Starlink has launched its latest residential hardware kit: the V5. Designed for reliable high-speed internet, the new terminal represents a significant leap forward in user equipment.
The next generation Starlink Kit is designed to deliver reliable, high-speed home internet. Starlink V5 has a smaller form factor and lightweight design with greater power efficiency than the Starlink V4.
With speeds up to 375+ Mbps, Starlink V5 delivers seamless connectivity… pic.twitter.com/0dorU6n0oD
— Starlink (@Starlink) July 14, 2026
The new V5 Starlink kit features a dramatically smaller and lighter form factor, measuring approximately 384 mm x 306 mm x 34 mm and weighing just 1.1 kg, which is less than half the weight of the previous V4 model, which was 2.9 kg.
This compact design makes installation easier and more versatile, whether mounted on a roof, pole, or even integrated with a pipe adapter. An integrated LED light aids setup in low-light conditions.
Power efficiency sees major gains too. The V5 draws only 35-50W, reducing energy consumption and making it ideal for off-grid or solar-powered setups. Despite its smaller size, performance remains robust. Starlink claims peak speeds of 375+ Mbps, supported by a new Wi-Fi 6 Router Mini that covers up to 2,200 square feet and connects up to 235 devices simultaneously.
The kit maintains strong signal reliability in diverse environments, from urban rooftops to remote rural areas, as demonstrated in the promo footage released by SpaceX, showing seamless operation under cloudy skies.
These improvements expand suitable applications considerably. Households can enjoy lag-free 4K streaming, smooth video conferencing, online gaming, and smart home device management without interruption. The V5’s efficiency and portability also benefit RVs, small businesses, and temporary installations in disaster-recovery zones where quick deployment is critical. Its lightweight build lowers shipping costs and simplifies user handling compared to bulkier predecessors.
Starlink’s Broader Impact on Global Internet Connectivity
Since SpaceX began launching Starlink satellites in 2019, the constellation has grown rapidly. By mid-2026, over 10,400 satellites orbit Earth, with thousands more deployed annually. This massive low-Earth-orbit network delivers broadband to approximately 160 countries and territories, reaching millions of users who previously lacked reliable internet access.
Starlink plays a vital role in bridging the digital divide. It provides essential connectivity to remote communities, maritime vessels, airlines, and regions affected by natural disasters or infrastructure gaps. By combining advanced satellite technology with iterative hardware upgrades like the V5 kit, SpaceX continues to push the boundaries of global internet access, fostering education, economic opportunity, and emergency response capabilities worldwide.
As production ramps up, the V5 promises to make high-performance internet even more accessible to users everywhere.
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Lucid CEO dispels any rumors of bankruptcy: ‘So far from the facts’
