Monday, July 22, 2024

VinFast Builds USD 174 million EV Battery Factory

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Vietnam’s largest conglomerate Vingroup said it had started building a battery cell factory worth USD 174 million to supply batteries for VinFast’s electric vehicle business.

VinFast became the first most established domestic car manufacturer in Vietnam. After the launch of his gasoline-fueled car product, he has been walking on Vietnam’s roads since 2019.

See also: Everything You Should Know About VF e35 and VF e36, two electric SUV from VinFast

This business is betting on the United States (US) market considering that an electric SUV with a battery-rental model will debut next year.

The first battery plant for the EV project is located in Ha Tinh province. With a building area of ​​​​more than 8 hectares. In October, the local government of Ha Tinh revealed the plant is expected to invest USD 387 million. The factory construction is on an area of ​​about 12.6 hectares.

See also: Vietnam EV Maker VinFast plan IPO in USA Second Half of 2022

“This is the focus of VinFast’s battery supply localization strategy. This scheme makes it possible to own our battery and spare parts supply chain,” said VinFast Thai Vice Chairman Thi Thanh Hai, quoted from the Channel News Asia page, written Friday (12/24/2021).

The company announced it is looking for workers to produce 100,000 EV batteries per year in the first phase. Then increase its capacity to one million batteries per year.

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