Las Vegas, USA, Jan 05, 2022
Vietnamese carmaker VinFast and the economic promotion agency Germany Trade and Invest (GTAI) have jointly announced they will work together to find a location for the company to establish an electric vehicle manufacturing facility in Germany.
VinFast - the first Vietnamese car brand to expand into global markets - is cooperating with Germany Trade and Invest (GTAI) (the official economic promotion agency of the Federal Republic of Germany) in the search for a location to establish a German manufacturing plant for its electric cars and buses.
According to Madam Le Thi Thu Thuy, Vingroup Vice Chairwoman and VinFast Global CEO, Europe is among the most important markets for VinFast. Location of a manufacturing facility in Germany, Europe’s largest economy, represents a crucial milestone in VinFast’s European strategy.
“The era of shipping cars around the world is over, especially since Covid-19. You must have the factory close to the market in order to win over your customers. VinFast wants to provide high-quality EVs and a unique customer experience at reasonable prices. We’re confident that we’ll find a place in the European market as the transition toward EVs in Europe is crystal clear,” said Madam Le Thi Thu Thuy.
“We congratulate VinFast on its decision to come to Europe’s largest economy and the automotive heartland of the continent,” says GTAI CEO Robert Hermann. “Mobility is changing dramatically in Germany and is expected to do so even more under the new government. We’re delighted to assist VinFast in finding its ideal location and setting up shop in Germany.”
Along with efforts to find a location for its manufacturing facility in Europe, the Vietnamese automaker is also developing a comprehensive production plan for current and future markets, with further announcements expected in due course.
In addition to the operating manufacturing complex in Hai Phong, Vietnam, Vingroup has recently started the construction of an EV battery pack plant in Vung Ang Economic Zone of Ha Tinh Province, with an area of 8 hectares and total investment of over 4 trillion VND (about $174 million US). This battery manufacturing facility, which will encompass a casting shop, a welding shop, and a packaging (battery pack) shop, is designed to produce 100,000 battery packs per year. Phase Two of the factory will expand production to include the manufacture of complete battery cells, and upgrade capacity to 1 million battery packs per year.
Notably, VinFast is also planning to open an EV manufacturing plant in the US in the latter half of 2024.
At the ongoing CES 2022 in Las Vegas, VinFast has presented its complete EV fleet: VF 5, VF 6, VF 7, VF 8, and VF9 (respectively entering segments A, B, C, D, and E) and officially opens pre-orders for VF 8 and VF 9. The two electric SUV models, VF 8 and VF 9 (previously VF e35 and VF e36), were first introduced at the Los Angeles Auto Show in November 2021.
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About Vingroup and VinFast
Established in 1993, Vingroup is one of the leading private conglomerates in the region, with a total capitalization of 35 billion USD from three publicly traded companies (as of November 4, 2021). Vingroup currently focuses on three main areas: Technology, Industry, and Services. Find out more at: https://www.vingroup.net/en.
VinFast - a member of Vingroup – envisioned to drive the movement of global smart electric vehicle revolution. Established in 2017, VinFast owns a state-of-the-art automotive manufacturing complex with globally leading scalability that boasts up to 90% automation in Hai Phong, Vietnam.
VinFast has announced three electric car models, exceptional battery leasing policies, and industry-leading 10-year warranties. In July 2021, VinFast started expanding to the North American and European markets. Two of its smart electric SUV models – VF e35 and VF e36, are expected to be available for pre-orders globally in the first half of 2022. Find out more at: https://VinFastauto.com.
About GTAI
Germany Trade & Invest (GTAI) is the economic promotion agency of the Federal Republic of Germany. GTAI supports German companies setting up in foreign markets, promotes Germany as a business location and assists foreign companies setting up shop in Germany. All its services are free of charge.
