Vinfast to build EVs in Germany, batteries in US

Vinfast plans to expand its production footprint almost as fast as its growing lineup.

The Vietnamese car brand, which was only established in 2017, is set to start sales in the U.S. by the end of the year and used this week’s 2022 Consumer Electronics Show to present five electric vehicles.

Currently, Vinfast produces all of its vehicles in Vietnam but Le Thi Thu Thuy, the company’s newly appointed CEO, told Reuters in an interview published on Thursday that Vinfast is already planning to add a battery plant in the U.S. and a vehicle plant in Germany.

Thuy said she had narrowed down the possibilities for the U.S. battery plant to three sites. She said the site would initially assemble batteries using cells from suppliers but eventually also produce cells, as well as electric buses.

Le Thi Thu Thuy

Le Thi Thu Thuy

The company has previously said that passenger vehicle production in the U.S. was possible, though in her interview with Reuters, Thuy only mentioned Germany as a location for a new vehicle plant.

Vinfast’s current vehicle plant is located in Hai Phong, Vietnam.

To help raise funds for its expansion, Vinfast is considering listing shares on an exchange in the U.S.

The first Vinfasts to go on sale in the U.S. will be the VF8 mid-size crossover and VF9 full-size crossover. The vehicles are priced from $41,000 and $56,000, respectively, though owners will need to sign up for a battery subscription plan. Vinfast said the monthly cost for driving will be approximately equal to current gasoline costs.

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