Expert Chaslau Koniukh
  • Companies
  • Global investment
  • Investors
  • Terminology
  • Economy
  • Stock Market
  • World exchanges
  • Tech and Marketing
VinFast
Global investment

Electric car maker VinFast to launch its plant in the U.S.

09.12.2023
2 min read

VinFast expands its market presence in the U.S.

Vietnamese company VinFast has started building its factory in the US in 2023. According to the electric vehicle manufacturer, it plans to invest USD 2 billion in the project. The plant will be operational in 2025.
It will include manufacturing facilities and assembly centres. There will also be a business ecosystem at the location. This will provide services for suppliers. According to company representative Le Thi Thu Thuy, the new plant will become a key facility for the production of electric vehicles for the North American market.
Initially, the plant will have an annual production volume of approximately 150,000 products. The number of products produced will increase over time. The plant will employ approximately 7,000 people.electric car maker VinFast

VinFast Company Overview

VinFast is Vietnam’s first independent car manufacturing company. Pham Nhat Vuong, an entrepreneur, founded the company in 2017. By selling instant noodles, he became the country’s first dollar billionaire.
The first electric car models went on sale in Vietnam in 2019, and after a successful launch, the company announced its intention to enter the global market. VinFast sees Europe and North America as its key regions. The first step in implementing the large-scale strategy was the establishment of a subsidiary in Germany in 2018. A representative office in Australia followed two years later.
VinFast uses BMW Group technology for its electric and petrol cars. The Vietnamese manufacturer has an official licence to use the chassis of the BMW X5 model. The company also produces hatchback models previously made under the Chevrolet and Opel brands. It bought the rights to them from the American corporation General Motors.
In recent years, VinFast has significantly expanded its production of electric vehicles. The company is building new production facilities and attracting designers, engineers and constructors from major global companies.

Company partnerships:

– Technology and design licences from BMW and General Motors.
– VinFast has signed an agreement with a division of Siemens. This will provide the Vietnamese manufacturer with technology and components for the production of electric buses. The company will supply them to the European and African markets, as well as to Asian countries and Australia.
– In 2021, the company signed a contract for the use of software developed by Cerence. The software will be part of the car’s voice assistant system.
VinFast electric cars have received the necessary standardisation in Europe, Australia and the USA. The company’s products meet the requirements of Euro NCAP and NHTSA. In addition to a wide range of features, the vehicles also have a self-driving mode, primarily designed to assist the driver.

Tags: Global investment
0
Previous Post Cocoa prices increase significantly due to unfavourable production forecasts Next Post Robert Prechter's theory as a tool for analysing market sentiment

You Might Also Like

Skolkovo Ventures
Global investment
The Skolkovo Ventures investment platform will finance technology companies by 2.5 billion rubles
31.01.2021
French vaccine manufacturer Valneva
Global investment
Pfizer acquired shares in French company Valneva
07.09.2022
Brazilian investments
Global investment
Brazil’s investment: the country’s return potential
05.06.2020
Neuralink, a startup by Elon Musk
Global investment
Startup Neuralink received a record $205 million in funding
16.04.2022
Binance plans to buy banks
Global investment
Buying banks: cryptocurrency exchange Binance wants to expand its capabilities
14.01.2023
Berkshire Hathaway
Global investment
Berkshire Hathaway Holding acquires stake in HP Corporation
13.07.2022

Popular Posts

  • Li Ka Shing: How can success be achieved without money and education?
  • Skolkovo analysts: the Russian energy market is suffering losses
  • Ingeborg Mootz: a woman who became a stock player at the age of 75
  • Analysts: Egypt’s economy to continue falling in 2023

Editor's Picks

Chaslau Koniukh
Analytics

American bankers from JPMorgan and Goldman Sachs advise to invest in gold: review by Chaslau Koniukh.

Press Secretary
17.08.2020
Expert Chaslau Koniukh
Analytics

Chaslau Koniukh on the analysts’ opinion on the key stake size change soon

Press Secretary
18.06.2020
expert Chaslau Koniukh
Analytics

Chaslau Koniukh: Internet trade market in Russia may reach 2.78 trillion rubles.

Press Secretary
30.05.2020
Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh
Analytics

Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh

Press Secretary
16.05.2020

Popular Posts

  • Li Ka Shing: How can success be achieved without money and education?
  • Skolkovo analysts: the Russian energy market is suffering losses
  • Ingeborg Mootz: a woman who became a stock player at the age of 75
  • Analysts: Egypt’s economy to continue falling in 2023
  • Businessman Chuck Feeney: the man who gave the world Duty Free
Expert Chaslau Koniukh
  • Facebook
  • Twitter
  • Instagram

© 2024 CHASLAU KONIUKH. ALL RIGHTS RESERVED. Expert in marketing and project management, international investments, financial analyst.

Menu

  • Biography
  • Companies and corporations
  • Global investment
  • Investors and Entrepreneurs
  • Economy
  • Market terminology
  • Stock Market
  • World exchanges
  • Tech and Marketing
  • Analytics