VinFast targets one million EV sales globally in 5-6 years; invests in ProLogium for solid-state batteries –

VinFast is aiming to be a big player in the electric vehicle (EV) space, with company CEO Le Thi Thu Thuy recently telling Nikkei Asia that the goal is to sell one million EVs globally in five to six years.

The Vietnamese carmaker has been busy putting all the pieces in place to achieve its goal, as back in March this year, the company announced that it will establish a new EV plant based in the United States. As of July 14, the company said it had received a USD1.2 billion (RM5.346 billion) incentive package from the state of North Carolina.

As part of the first phase, VinFast will be investing about USD2 billion (RM8.91 billion) to set up the manufacturing facility located at the Triangle Innovation Point in Chatham County. Construction will begin in the second half of this year, with production expected to commence from July 2024.

When ready, the plant will cover an area of 2,000 acres and will feature two main areas: one for producing electric cars and buses, while the other is for ancillary industries for suppliers. The company says the factory is designed to reach a capacity of 150,000 vehicles yearly.

VinFast also announced on the same day it received the incentive package that it had opened the first six VinFast Stores in California, with 30 more on the way in the state before further expansion across other states in the US. Plans to expand into Europe as well as other markets have also commenced.

To incentivise US customers, the company also announced the VinFast Charge-Up Programme, which is offered to those who reserve a VF8 or VF9 by September 30, 2022. This includes the VinFast Smart Driving Package that enables the free use of the vehicles’ Level 2+ advanced driver-assistance systems (ADAS) and connected services for one-year.

Customers also get to choose from two options, with the first being complimentary charging for three years (unlimited session) at Electrify America charging stations. The alternative is a free wallbox charger and a USD1,200 (RM5,346) credit to be applied towards its installation.

Beyond production and sales, VinFast has also invested “ten of millions of USD” in ProLogium, a Taiwanese manufacturer of next-generation solid-state batteries. The partnership will see ProLogium supply solid-state batteries to VinFast starting from 2024 to support its future line-up of EVs.

This new supply chain will complement VinFast’s VinES battery factory in Vung Ang, Ha Tinh, Vietnam, which saw an investment of VND4 trillion (RM763 million) in 2021. This facility sits on eight hectares of land and will produce battery packs and battery cells for VinFast EVs.

Intel is another one of VinFast’s partners, with both announcing in May this year that they would work together on wide range of advanced computing systems including 5G enabled smart city and smart building solutions, smart manufacturing processes, cloud services and AI as well as ADAS based on Mobileye technology.

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