HANOI (Reuters) – Vietnamese electrical automobile (EV) producer VinFast on Sunday introduced a plan to construct its second home manufacturing plant that may double its output capability, saying it’s wanted to fulfill elevated demand for its small and mid-sized fashions.
VinFast mentioned the brand new facility is predicted to provide 300,000 items yearly in its preliminary section, the identical capability as its current plant in Haiphong. The corporate delivered fewer than 45,000 automobiles worldwide within the first 9 months of 2024.
The brand new manufacturing facility within the central Ha Tinh province will primarily produce VF 3 and VF 5 fashions for each home gross sales and export, with operations set to start in July subsequent 12 months, the corporate mentioned in a press release.
“Demand in worldwide markets is rising quickly, so the development of a further electrical automobile manufacturing facility … will create a strong basis for an vital and explosive improvement section forward for VinFast,” mentioned Nguyen Viet Quang, Vice Chairman and CEO of VinFast’s dad or mum firm Vingroup.VinFast, a subsidiary of main Vietnamese conglomerate Vingroup, mentioned final month its third-quarter internet loss had narrowed to $550 million, which it mentioned mirrored decrease materials prices and elevated manufacturing.
The automaker delivered 44,773 automobiles throughout the first 9 months of this 12 months, simply over 55% of its goal of 80,000 items for the 12 months. Firm officers have mentioned they continue to be assured of reaching the purpose.
The brand new plant will likely be positioned in the identical complicated as VinFast’s battery plant and can use elements from the corporate’s current manufacturing facility in Haiphong.VinFast has additionally introduced plans for meeting vegetation in each Indonesia and India, and has delayed the launch of a deliberate North Carolina facility till 2028.
(Reporting by Phuong Nguyen; Enhancing by John Mair and Michael Perry)
