VinFast wants to sell 1 million electric cars in the next 5-6 years

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2022-07-29 07:43:57

According to Nikkei, Vingroup and its subsidiary VinFast are positioning themselves to become a global electric vehicle manufacturer with a series of cooperation agreements with technology companies..

VinFast has only started the field of electric vehicle production since December last year and has not sold any electric cars outside of Vietnam, but the huge sales target shows Vingroup’s confidence.

“We will sell 1 million electric vehicles globally in the next 5-6 years,” said Ms. Le Thi Thu Thuy – CEO of VinFast globally.

VinFast attracted attention when it announced a plan to build an electric vehicle factory in North Carolina (USA) with an investment capital of 2 billion USD in phase 1. The plant is expected to go into operation in July 2024. Immediately after announcing the construction of a plant in the US, the company said it would stop producing gasoline cars this year.

The Vietnamese automaker is betting it all on electric vehicles. Its production line in Hai Phong, which produces both petrol and electric vehicles, now prioritizes producing a higher percentage of electric vehicles.

ProLogium Technology – Taiwan’s solid-state battery manufacturer is one of the companies supporting VinFast’s “game”. On July 6, VinFast said it would invest tens of millions of dollars in ProLogium. This company will supply batteries to VinFast starting from 2024.

Solid-state batteries are expected to double the range of electric vehicles compared to lithium-ion batteries, while reducing charging time by about two-thirds. However, developing technology for mass production of solid-state batteries remains a major obstacle. VinFast is considering establishing a joint venture with ProLogium in Vietnam.

Vingroup also plans to open a battery factory in Ha Tinh this year. The group has partnered with Chinese company Gotion High-Tech to research the LFP battery, which does not use cobalt.

Along with that, Vingroup also signed an agreement with Intel to develop a series of electronic devices. “You can see how serious Vingroup is,” the leader of a Japanese trading company told Nikkei. In the first half of 2022, VinFast has handed over more than 2,000 VF e34 electric vehicles to Vietnamese consumers.

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