HANOI (Reuters) – Vietnamese electrical car (EV) maker VinFast (NASDAQ:) introduced plans on Sunday to construct its second home manufacturing plant that can double its manufacturing capability, saying it’s essential to fulfill the rising demand from its small and medium-sized companies. measurement fashions.
VinFast stated the brand new manufacturing facility is anticipated to provide 300,000 items per 12 months in its preliminary section, the identical capability as its present manufacturing facility in Haiphong. The corporate delivered fewer than 45,000 automobiles globally within the first 9 months of 2024.
The brand new manufacturing facility positioned within the central province of Ha Tinh will primarily produce the VF (NYSE:) 3 and VF 5 fashions for home gross sales and export, with operations anticipated to start in July subsequent 12 months, the corporate stated in a press launch.
“Demand in worldwide markets is rising quickly, so the development of a further electrical automotive manufacturing facility… will create a strong basis for a big and explosive improvement section forward for VinFast,” stated Nguyen Viet Quang, vice-president. president and CEO of VinFast's dad or mum firm. Vingroup.VinFast, a subsidiary of main Vietnamese conglomerate Vingroup, stated final month that its third-quarter internet loss narrowed to $550 million, reflecting, it stated, decrease materials prices and better of manufacturing.
The automaker delivered 44,773 automobiles within the first 9 months of this 12 months, simply over 55% of its goal of 80,000 items for the 12 months. Firm officers stated they remained assured the objective might be met.
The brand new manufacturing facility shall be positioned in the identical complicated as VinFast's battery manufacturing facility and can use components from the corporate's present manufacturing facility 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.
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