The Vietnamese company is gearing up to expand in the United States, where it hopes to compete with existing automakers

The fund is likely to be set up with technical assistance from the US Agency for International Development (USAID)

The launch comes after Hyundai announced plans to build EV plants both at home and the US, where the Ioniq 5 and Kia's EV 6 SUV together became the second-best selling EVs

The Hengchi 5 has debuted in a flashy videotaped event, as president Liu Yongzhong said: "[We] are striving to become a globally recognised national automobile brand."

Silk-FAW, based in Jilin province, plans to develop and produce high-performance electric cars in China and Italy