Winfast is betting big on the US market, where it hopes its electric SUV and battery leasing models will be enough to turn consumers away from the likes of Tesla and General Motors.
see photosWinggroup said it is targeting global electric vehicle sales of 42,000 next year.
Vietnam’s Vinfast plans to manufacture electric vehicle battery cells and packs at a new US manufacturing complex, its global chief executive told Reuters, as the company promises to transform itself into an all-electric automaker by the end of this year. did.
Winfast, part of Winggroup JSC, the largest conglomerate in the communist-ruled country, became the country’s first fully domestic carmaker when petrol-powered models manufactured under its badge hit the roads in 2019.
The company, which began selling EVs in Vietnam in late 2021, said in a statement on Thursday that it plans to become what it said will be switching to petrol-powered cars and transitioning to all-electric vehicle production. Will be the first car company. at the end of 2022.
Winfast is betting big on the US market, where it hopes its electric SUV and battery leasing models will be enough to turn consumers away from the likes of Tesla and General Motors.
Winfast plans to start producing electric cars in the US in late 2024.
Le Thi Thu Thu, Vingroup’s Vice Chairman and Winfast Global CEO, referred to the new battery feature in an interview during his US visit to attend the Consumer Electronics Show in Las Vegas, saying, “We are also expanding our Gigafactory in the US. will build.”
He added that the company will continue to source batteries from its suppliers.
Thuy said Winfast will initially assemble the battery pack at its US premises with cells sourced from its supplier before starting production on its own.
“I think we’ve narrowed down from over 50 sites to about three sites,” she said.
She will visit a few sites during her visit before making a decision this year, adding that the “mega site” will also include an electric bus factory.
In December, Winggroup said it had begun construction of a battery cell plant in Vietnam. The company initially wants to produce 1,000,000 battery packs with an investment of $174 million per year, and then upgrade the capacity to one million.
Winfast previously told Reuters that it plans to start producing electric cars in the US in late 2024.
The company said prices for its VF8 sport utility vehicle (SUV) started at $41,000 in the United States, and that it would implement blockchain technology to record orders and confirm ownership. By comparison, a Tesla SUV sells for around $50,000.
Winggroup said it is targeting global electric vehicle sales of 42,000 next year.
Shares of Winggroup were up 5.8% on Thursday after three WinFasts disclosed their electric vehicle line-up and plans to go all-electric. VinFast is eyeing a stock listing in the United States this year.
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