HANOI (Reuters) – Vietnamese electrical car (EV) producer VinFast (NASDAQ:) 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 stated the brand new facility is anticipated to provide 300,000 models yearly in its preliminary part, the identical capability as its present plant in Haiphong. The corporate delivered fewer than 45,000 vehicles worldwide within the first 9 months of 2024.
The brand new manufacturing unit within the central Ha Tinh province will primarily produce VF (NYSE:) 3 and VF 5 fashions for each home gross sales and export, with operations set to begin in July subsequent yr, the corporate stated in a press release.
“Demand in international markets is growing rapidly, so the construction of an additional electric car factory … will create a solid foundation for an important and explosive development phase ahead for VinFast,” stated Nguyen Viet Quang, Vice Chairman and CEO of VinFast’s father or mother firm Vingroup.VinFast, a subsidiary of main Vietnamese conglomerate Vingroup, stated final month its third-quarter web loss had narrowed to $550 million, which it stated mirrored decrease materials prices and elevated manufacturing.
The automaker delivered 44,773 vehicles in the course of the first 9 months of this yr, simply over 55% of its goal of 80,000 models for the yr. Firm officers have stated they continue to be assured of reaching the purpose.
The brand new plant shall be situated in the identical complicated as VinFast’s battery plant and can use components from the corporate’s present manufacturing unit in Haiphong.VinFast has additionally introduced plans for meeting crops in each Indonesia and India, and has delayed the launch of a deliberate North Carolina facility till 2028.
