Vietnam’s EV maker Vinfast plans to build U.S. battery factory -CEO


SAN FRANCISCO (Reuters) – Vietnamese automotive maker VinFast plans to build electrical car battery cells and packs in its deliberate U.S. manufacturing complicated, its international chief govt instructed Reuters on Wednesday.

VinFast, a part of Vingroup JSC, the biggest conglomerate within the Communist-ruled nation, had beforehand stated it deliberate to begin producing electrical autos within the United States within the second half of 2024.

VinFast is betting on the U.S. market, the place it plans to debut inexpensive electrical sport utility autos late this yr with its battery leasing fashions.

“We will build our gigafactory within the U.S. as nicely,” stated Le Thi Thu Thuy, Vingroup vice chair and VinFast Global CEO. The firm will proceed to supply batteries from its suppliers, she added.

It will initially assemble battery packs with cells sourced from its provider at its U.S. complicated earlier than beginning its personal manufacturing there, she stated.

“We have narrowed down from I believe, over 50 websites to about three websites,” she stated throughout her U.S. go to to attend the Consumer Electronics Show in Las Vegas.

She will go to some websites throughout her journey earlier than making a call this yr, including that the “mega web site” would additionally embody an electrical bus factory.

In December, Vingroup stated it had began constructing a battery cell plant in Vietnam so Vinfast can personal its battery provide chain. The firm is trying to initially produce 100,000 battery packs per yr with $174 million of investments after which improve its capability to a million.

Vinfast grew to become Vietnam’s first totally fledged home automotive producer when its gasoline-powered fashions constructed below its personal badge hit the streets in 2019. It started promoting EVs in Vietnam on the finish of 2021.

(Reporting by Hyunjoo Jin; Editing by Richard Chang)

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