VinFast, Vietnam’s homegrown automaker that belongs to the nation’s largest conglomerate Vingroup, expects to ship globally in December 2022, having shipped its first 100 EVs in Vietnam final month.

The rising automobile firm has not solely invested massive in EV manufacturing. It has additionally expanded its attain to battery manufacturing and is looking for companions for organising semiconductor fabs in Vietnam.

In an e-mail reply to DIGITIMES Asia, Tran Le Phuong, the deputy CEO of VinFast, stated they’re nonetheless in dialogue with many trade leaders about organising chip foundry in Vietnam. The corporate stated it presents incentives, equivalent to exemption from land and manufacturing unit hire within the subsequent 10-15 years, for suppliers to deal with manufacturing in Vietnam.

Tran famous that “it’s a part of VinFast’s technique to strongly promote the localization of Vietnam-made parts, along with buying from abroad.”

Extra info will solely be disclosed at an applicable time, the corporate stated.

Battery creating and manufacturing by VinES

VinFast has taken a share in Taiwan-based solid-state EV battery maker ProLogium this 12 months to supply the next-generation EV battery with enhanced security and efficiency.

ProLogium is now contemplating organising its first manufacturing unit in Europe or the US, with Vietnam being one of many extra places. The EVP of worldwide improvement at ProLogium, Gilles Normand, was invited by Vingroup to tour round VinFast’s industrial advanced in Hai Phong, Vietnam. Normand famous that the collaboration with VinES, a battery producer of Vingroup, is the important thing to the strategic partnership between the 2.

VinES presently runs battery pack vegetation in Hai Phong whereas constructing a large-scale battery manufacturing unit in Vung Anh, central Vietnam. The latter is predicted to return into operation across the finish of 2022.

VinES’s battery might be utilized in VinFast autos, stated Tran. Its enterprise ranges from creating, managing battery system to reusing, recycling and disposing or dealing with retired batteries. They’re additionally working with Israel-based battery maker StoreDot.

One of many daring strikes by VinFast was to announce battery subscription for its EVs. Tran famous that the technique is to make sure retrieval of previous batteries and to attenuate environmental impression.

Prospects solely must pay a month-to-month subscription charge and surcharges per kilometer. Tran stated the sum might be equal to or cheaper than paying for gasoline fuels.

As quickly because the battery capability degrades to beneath 70%, the carmaker is accountable for all repairs, upkeep and alternative for its clients. Finally, the promoting worth of VinFast’s EVs could possibly be extra aggressive because of the strategy, stated Tran.

Going world

Like what its firm title suggests, VinFast is quick deploying the automotive enterprise on a worldwide scale.

Following suspension of ICE car manufacturing in July this 12 months, the carmaker opened six showrooms in California, the US. The plan is to open a complete of 36 shops in North America in 2022 and 50 shops in Europe by the tip of 2023.

In accordance with Tran, the corporate has up to now invested US$6.6 billion in establishing VinFast’s manufacturing and enterprise actions globally.

The corporate initially eyed an early IPO across the fourth quarter of this 12 months. Reuters reported in Might that VinFast’s Singapore-based holding firm had filed for an IPO with the US securities regulators, as the corporate readied a US$4-billion funding to construct a manufacturing unit within the US.

Nonetheless, noting growing market uncertainties, Vingroup chairman Pham Nhat Vuong acknowledged that the IPO might be delayed to 2023, and they’re “prioritizing spending on VinFast and reaching an aggressive automobile gross sales goal,” based on Reuters.

As a part of the US$6.6 billion complete funding, Vingroup allotted about US$2 billion to arrange manufacturing in North Carolina, the US with an annual manufacturing capability of 250,000 autos. The ability will start building quickly and can start operation to provide the US market round 2024.

Again residence in Vietnam, VinFast delivered its first batch of EVs – 100 models of VF8 SUVs – early September and expects to begin transport globally in December.

Vingroup was established in 1993 and registered a complete of US$35 billion in capital as of November 2021.

(Editor’s be aware: VinFast is among the many main gamers in DIGITIMES Asia EV 50 survey.)