HANOI (Reuters) – Vietnamese electric vehicle (EV) maker Vinfast (Nasdaq: ) announced on Sunday plans to build its second domestic production plant that will double its output capacity, saying its small and mid- There is a need to meet the increasing demand of Size model.
Winfast said the new facility is expected to produce 300,000 units annually in its initial phase, the same capacity as the existing plant in Haiphong. The company delivered just under 45,000 cars worldwide in the first nine months of 2024.
The new factory in central Ha Tinh province will primarily produce the VF (NYSE: ) 3 and VF 5 models for both domestic sales and export, with operations starting in July next year, the company said in a statement.
“Demand in international markets is growing rapidly, so the construction of an additional electric car factory … will lay a solid foundation for an important and explosive growth phase ahead for WinFast,” said Nguyen, Vice Chairman and CEO of WinFast’s parent. said Viet Quang. The company Vingroup.VinFast, a subsidiary of major Vietnamese conglomerate Vingroup, said last month its third-quarter net loss narrowed to $550 million, which it said reflected lower material costs and increased production.
The automaker delivered 44,773 cars during the first nine months of this year, more than 55% of its target of 80,000 units for the year. Company officials have said that they are confident of reaching the target.
The new plant will be located in the same complex as VinFast’s battery plant and will use parts of the company’s existing factory in Haiphong. VinFast has also announced plans for assembly plants in both Indonesia and India, and delayed a planned North Carolina launch. facility till 2028.
