Vietnamese EV maker VinFast to double production capacity with new plant in Vietnam.

From Investing.com: 2024-12-08 00:45:32

Vietnamese EV manufacturer VinFast plans to build a second production plant to double output capacity, aiming to meet growing demand for small and mid-sized models. The new facility in Ha Tinh province will produce 300,000 units annually, with operations starting in July 2023. The company delivered 44,773 cars in the first nine months of 2024.

VinFast’s parent company Vingroup’s Vice Chairman and CEO, Nguyen Viet Quang, stated that the new plant will support the company’s international growth. Despite a third-quarter net loss of $550 million, VinFast remains confident in achieving its goal of 80,000 car deliveries this year. The new plant will be located near VinFast’s battery plant and use parts from the Haiphong factory.

VinFast has announced plans for assembly plants in Indonesia and India, with a North Carolina facility delayed until 2028. The company aims to expand its presence in international markets as demand for electric vehicles increases. With the new plant set to commence operations next year, VinFast is positioning itself for further growth and development in the EV industry.



Read more at Investing.com: EV maker VinFast to build second production plant in Vietnam By Reuters