Vietnamese electric-vehicle maker VinFast said it has signed agreements with banks to raise at least $4 billion globally to fund its planned North Carolina EV factory and US rollout, according to a statement.

Credit Suisse Group AG will help arrange the issuance of offshore securities to raise around $2 billion, while Citigroup Global Markets Inc. will act as an adviser on transactions with a minimum value of around the same amount related to the development of VinFast’s US factory, the statement from VinFast parent Vingroup JSC said.

Chinese EV startup Nio Inc. only celebrated its 100,000th vehicle off the production line in April 2021 after almost three years, while Goldman Sachs Group Inc. earlier this month lowered its 2022 output estimate for Tesla Inc., the world’s biggest maker of electric cars, to 1.4 million units.

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