Vietnamese electrical automobile (EV) startup VinFast has introduced plans to construct a further manufacturing facility in its dwelling nation, which is predicted to double the corporate’s output and assist meet growing demand.
On Sunday, VinFast mentioned it’s trying to construct its second manufacturing unit in Vietnam, which it says will produce 300,000 automobiles per yr, or the identical manufacturing ranges as its Haiphong plant (by way of Reuters). The brand new manufacturing unit shall be situated within the central Ha Tinh province and can produce the common VF3 metropolis automobile and the VF5 crossover, and VinFast expects to start working the ability as quickly as subsequent July, based on the corporate.
“Demand in worldwide markets is rising quickly, so the development of a further electrical automobile manufacturing unit … will create a strong basis for an necessary and explosive growth section forward for VinFast,” mentioned Vingroup CEO and Chairman Nguyen Viet Quang.
VinFast market cap reaches $191B, akin to Tesla’s valuation in 2020
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Within the first 9 months of 2024, VinFast bought below 45,000 automobiles globally, although it gained a considerable variety of preorders for the VF3 in Vietnam with 27,649 pre-orders obtained inside 66 hours. The corporate additionally used a singular technique of promoting its EVs throughout e-commerce platforms, and over half of the corporate’s preorders had been taken on-line.
Final month, VinFast gained commitments from dad or mum firm Vingroup for a spherical of funding value $3.4 billion and anticipated to financially maintain the EV maker and assist it attain profitability by 2026. So far, VinFast has managed to safe round $17 billion in funding from the dad or mum firm and from VinFast Founder Pham Nhat Vuong, who has invested roughly 50 trillion dong (~1.97 billion) of his personal cash.
The automaker additionally has dealership and aftersales service agreements within the Center East and Europe, and it’s aiming to ascertain a manufacturing facility in Thoothukudi, India, with an eventual manufacturing capability of 150,000 EVs per yr. VinFast has additionally begun deliveries of the VF8 within the U.S. in 2022, although the automobile presently faces an investigation from the Nationwide Freeway Site visitors Security Administration (NHTSA) after an accident involving the automobile resulted in a number of fatalities earlier this yr.
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