EV maker VinFast plans Asia expansion, to launch Indonesia plant in 2026
2023.09.13 01:31
© Reuters. FILE PHOTO: People walk next to a VinFast logo on a screen during the press day at the Los Angeles Auto Show in Los Angeles, California, U.S. November 17, 2022. REUTERS/Mike Blake/File Photo/File Photo
HANOI (Reuters) – Vietnamese electric vehicle maker VinFast (NASDAQ:) plans to expand in seven more markets in Asia including Indonesia, where it aims to start deliveries from next year and establish a plant there in 2026.
VinFast aims to invest around $1.2 billion in the Indonesian market in the long-term, according to its latest filing to the to U.S. Securities and Exchange Commission.
Of that, $200 million would be for its Indonesian plant, targeting production in 2026 with an output of 30,000 to 50,000 units each year.
Indonesia, a country of 270 million people and Southeast Asia’s biggest economy, is on a drive to attract global EV makers, touting its abundant supplies of nickel, a key component of EV batteries.
The Indonesian facility will be VinFast’s third besides its main one in northern Vietnamese city of Haiphong, and a new plant in North Carolina, slated to start in 2025.
The EV maker, which made its Nasdaq debut last month, also said it plans to create a presence in India, Malaysia, the Middle East, Africa and Latin America and expand its presence in Europe.
It aims to establish its own distributors and may open showrooms in those locations, it said in the filing.
VinFast was formed as a unit of Vietnam’s largest conglomerate Vingroup in 2017. It started EV deliveries in California in March.
