VinES Energy Solutions and Gotion High-tech have started construction of an electric vehicle battery factory with an investment of $275 million in Vietnam, Reuters said in a report today, citing a statement from Vingroup.
Vingroup itself is the parent of Vinfast, which is an electric vehicle brand from Vietnam.
The electric vehicle battery factory located in Vietnam’s central Ha Tinh province is targeted to produce 30 million lithium iron phosphate (LFP) cells per year with production target to start in the third quarter of next year, the statement said.
The factory is projected to meet the needs of the VinFast battery, which recently introduced the VF6 and VF7 to North America market.
VinFast recently signed a deal to procure electric vehicles for the US car subscription service Autonomy. Autonomy added 2,500 Vinfast vehicles to their fleet, making it the largest corporate order to date.
The report did not mention the contribution of Gotion and VinES Energy Solutions to the electric vehicle battery factory.
Gotion itself is one of the largest power battery manufacturers in China with a 4.52 percent share of China’s electric cell installed market.
In the global power battery market, Gotion ranked eighth with a market share of 2.9 percent in September, according to Seoul-based SNE Research.
