Vietnam EV maker VinFast aims to start production at India, Indonesia factories in 2025
Vietnamese electric vehicle (EV) maker VinFast, under private conglomerate Vingroup, is striving to start production at its completely knocked down (CKD) facilities in India and Indonesia in 2025.
In a Friday filing sent to the United States Securities and Exchange Commission, VinFast said it would accelerate the establishment of manufacturing facilities in select countries to leverage attractive government incentives.
VinFast vehicles inside a VinFast factory in Hai Phong city, northern Vietnam. Photo courtesy of VinFast.
VinFast, listed on the Nasdaq as VFS, noted that the facility in Thoothukudi, Tamil Nadu, India, can start production in the first half of 2025. Regarding Indonesia, VinFast expects to break ground on the manufacturing facility in the next two months and start production there by end-2025.
The CKD facilities in India and Indonesia are each expected to have an annual capacity of approximately 50,000 vehicles for phase 1, with a potential ramp-up to 300,000 vehicles per year depending on market demand, VinFast highlighted.
Besides, the EV maker said it had officially launched its brand in the Philippines in May 2024 and is preparing to open various showrooms.
VinFast expects a 30x to 40x increase in sales in the U.S. market in 2024, versus over $6.4 million in 2023. VinFast believes “that this growth trajectory can be sustained over the next five years,” according to the filing.
“We also expect to reach break-even point soon,” VinFast emphasized.
The carmaker was founded in 2017 with a vision to drive the global smart electric vehicle revolution. It operates a manufacturing complex in northern Vietnam’s Hai Phong that boasts up to 90% of manufacturing automation and an annual production capacity of up to 300,000 units per year in phase one.
VinFast reported revenue growth of 269.7% year-on-year to $302.6 million in the first quarter of 2024. This growth was driven by the expansion of VinFast’s dealership network and customer interest in new electric cars, VinFast said in its release of unaudited financial results for the period. VinFast said it delivered a total of 9,689 vehicles in the three-month period, marking an increase of 444% year-on-year.
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