HANOI (Reuters) – Vietnamese electrical automobile (EV) maker VinFast introduced plans on Sunday to construct its second home manufacturing plant that may double its manufacturing capability, saying it’s wanted to satisfy rising demand for its fashions small and medium sized.
VinFast mentioned the brand new manufacturing unit is predicted to supply 300,000 models per yr in its preliminary section, the identical capability as its present manufacturing unit in Haiphong. The corporate delivered fewer than 45,000 vehicles globally within the first 9 months of 2024.
The brand new manufacturing unit positioned within the central province of Ha Tinh will primarily produce the VF 3 and VF 5 fashions for home gross sales and export, with operations anticipated to start in July subsequent yr, the corporate mentioned in an announcement.
“Demand in worldwide markets is rising quickly, so the development of an extra electrical automobile manufacturing unit… will create a strong basis for a big and explosive improvement section forward for VinFast,” mentioned Nguyen Viet Quang, vice-president. president and CEO of VinFast's mother or father firm. Vingroup.VinFast, a subsidiary of main Vietnamese conglomerate Vingroup, mentioned final month that its third-quarter internet loss narrowed to $550 million, reflecting, it mentioned, decrease materials prices and better of manufacturing.
The automaker delivered 44,773 vehicles within the first 9 months of this yr, simply over 55% of its goal of 80,000 models for the yr. Firm officers mentioned they remained assured the aim may very well be met.
The brand new manufacturing unit will likely be positioned in the identical advanced as VinFast's battery manufacturing unit and can use elements from the corporate's present manufacturing unit in Haiphong. VinFast additionally introduced plans for meeting vegetation in Indonesia and India and delayed the launch of a deliberate plant in North Carolina. set up till 2028.
(Reporting by Phuong Nguyen; enhancing by John Mair and Michael Perry)
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