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VinFast, An Electric Vehicle Manufacturer, Intends To Expand Into Asia, Opening A Plant In Indonesia In 2026
VinFast, a manufacturer of electric vehicles based in Vietnam, intends to expand into seven additional Asian markets, including Indonesia, where it intends to begin shipping vehicles there in the coming year and set up a manufacturing facility by 2026.
According to its most recent filing with the U.S. Securities and Exchange Commission, VinFast, which was founded and is almost entirely controlled by Pham Nhat Vuong, the richest man in Vietnam and the founder of parent conglomerate Vingroup, aims to invest approximately $1.2 billion in the Indonesian market over the long term.
Of that, up to $200 million would be for its Indonesian plant, focusing on creation in 2026 with a result of 30,000 to 50,000 units every year.
Indonesia, a nation of 270 million individuals and Southeast Asia’s greatest economy, is on a drive to draw in worldwide EV producers, promoting its plentiful supplies of nickel, a vital part of EV batteries. However, EVs make up less than 1% of the country’s automobiles at the moment.
In addition to its primary plant in Haiphong, a city in the north of Vietnam, and a new plant in North Carolina, which is scheduled to begin operations in 2025, the Indonesian facility will be VinFast’s third.
VinFast has made numerous international announcements of ambitious EV growth plans since its founding in 2017.
The EV producer likewise said in its recording that it wanted to make a presence in India, Malaysia, the Middle East, Africa and Latin America and grow its presence in Europe as it distinguished somewhere in the range of 40 and 50 possible business sectors.
VinFast means to lay out its own distributors and may open show rooms in those areas, it said.
The loss-making startup was listed on Nasdaq last month for more than $85 billion, higher than Ford on its listing day.
VinFast is entering the American market at a time when EV prices are being pushed up by Tesla and a number of Chinese companies, including the market leader.
Share of VinFast closed up at $17.21 on Tuesday, contrasting with its pinnacle of $82.35 on Aug 28. The limited quantity of openly accessible offers makes the stock inclined to unpredictability.
The company, which hasn’t made a profit yet, said it will raise money from investors around the world in the next 18 months. Shares of Vietnam’s biggest combination and VinFast parent Vingroup were down 0.33% starting around 0635 GMT.