Business

EV maker VinFast aims expansion in 50 markets

VinFast, the electric vehicle (EV) maker of Vietnamese conglomerate Vingroup, on October 5 said it will expand in in 50 markets globally by the end of 2024.
EV maker VinFast aims expansion in 50 markets ảnh 1VinFast will expand in 50 markets globally by the end of 2024.  (Photo: VNA)
Hanoi (VNA) – VinFast, the electric vehicle (EV) maker of Vietnamese conglomerate Vingroup, on October 5 said it will expand in 50 marketsglobally by the end of 2024. 

It also revealed a plan to set up an assembling plant in India – the thirdlargest automobile market in the world. Some 150-200 million USD will be splashed out on the Indian plant, which is designed with the capacity of 50,000 vehicles a year in the first phase.

According to VinFast, plant construction in new markets allows the firm tocapitalise on the incentives of the host governments as well as access  rawmaterials with attractive prices.

VinFast handed over 10,027 electric cars in the third quarter of this year, up 5% from previous quarter.Robust sales in the period was recorded in the Norther American market,especially Canada.

During January-September, as many 21,342 VinFast vehicles were delivered.

Besides, the firm saw impressive sales of electric motorbikes, with 28,220vehicles sold in Q3, up 177% from Q2, and 113% ascompared to the same time last year.

Its revenue rose 4% quarter-on-quarter, and 159% year-on-year to 8.254 trillionVND (342.7 million USD), nearly 7.7 trillion VND of which came from electricvehicle sales.

According to Le Thi Thu Thuy, VinFast Global General Director, VinFast has an ambitiousplan to build a green future, and its business result in the last quarters is onlyan initial step.

A feasible plan was outlined to ensure that VinFast is able to make bold stepsto become a global company, she said./.
VNA
#EV maker VinFast #assembling plant #Indian plant #electric vehicles #Le Thi Thu Thuy #global company #Vietnam News Agency #Vietnamplus
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