VinFast to build a battery plant in the US – Vietnamese carmaker aims to go fully electric by the end of 2022 – paultan.org

According to a report by Reuters, VinFast plans to build electric vehicle battery cells and packs in the United States. “We will build our gigafactory in the US as well,” said Le Thi Thu Thuy, CEO of VinFast Global and vice chairwoman and Vingroup, at this year’s Consumer Electronics Show (CES).

The Vietnamese carmaker is currently in the midst of expanding its global reach by launching EVs outside of its home country, with the US being one of its key target markets. The VF8 and VF9 are already open for booking there, with three more SUVs revealed in Las Vegas recently.

VinFast was first established in 2017 and started out by selling internal combustion engine cars before eventually rolling out EVs. Despite its relatively young age, the company aims to cease making ICE-powered cars and transition to become fully electric by the end of 2022.

On the matter of its US-based battery plant, VinFast will initially assemble battery packs with cells sourced from suppliers there before eventually producing them. “We have narrowed down from I think, over 50 sites to about three sites,” Thuy Le commented, referring to potential locations for the new facility, which will also include an electric bus factory.

The US plant will be the second after Vingroup – VinFast’s parent company – announced last December that it had started building a battery plant in Vietnam. That plant will initially have a production capacity of 100,000 battery packs yearly, increasing to one million units with an investment of USD174 million (around RM732 million).

VinFast won’t just focus on building batteries outside Vietnam either, as it is also has plans to start producing EVs in the US in 2024. It is also looking to establish another EV plant in Germany to quickly supply its new markets. “The era of shipping cars around the world is over, especially since Covid-19. You must have the factory close to the market in order to win over your customers,” VinFast said in a statement. Vingroup is aiming to sell 42,000 EVs globally in 2022.

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