VinFast Powers Ahead: New Factory Fuels Ambitious EV Goals
VinFast, a Vietnamese electric vehicle company, opened a second factory in Ha Tinh to increase production of mini urban models. While aiming for global expansion, the company faces challenges like delayed U.S. operations. It targets producing one million vehicles annually to cater to rising domestic and international demand.
- Country:
- Vietnam
Vietnam's electric vehicle frontrunner, VinFast, inaugurated its second domestic factory on Sunday, seeking to boost production of affordable mini urban models amid expansion hurdles globally. Situated in Ha Tinh, the facility boasts an initial capacity of 200,000 units annually on a sprawling 36-hectare site.
Contrasting its Haiphong flagship plant aiming for 950,000 units by next year, VinFast aspires to establish international production bases, including in the United States, India, and Indonesia. However, it confronts delayed operations and intensified competition overseas.
CEO Nguyen Viet Quang asserted that the Ha Tinh plant will drive towards producing one million vehicles yearly, addressing surging domestic and foreign market demands. Despite a notable quarterly financial loss, VinFast demonstrated significant revenue growth, reflecting resilient consumer appetite for EVs.
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