Receive our newsletter – data, insights and analysis delivered to you
  1. News
March 8, 2021

Vinfast plans US factory, R&D, California sales by 2022

VinFast Trading and Production, the subsidiary of Vietnamese conglomerate Vingroup, plans to open an automobile plant in the US after establishing a 50-person R&D office in San Francisco in preparation for California automobile sales in 2022, the company has said.

By Olly Wehring

VinFast Trading and Production, the subsidiary of Vietnamese conglomerate Vingroup, plans to open an automobile plant in the US after establishing a 50-person R&D office in San Francisco in preparation for California automobile sales in 2022, the company has said.

"VinFast's vision is to become a global smart electric car company and the US market is one of the first international markets that we will focus on," Chief Executive Officer Thai Th? Thanh Hai said, according to vietnamnews.vn.

"We initially will develop high end models for the US," she added.

Hai strongly believes VinFast can win US and other export market customers wary of buying an automobile from a Vietnamese firm they know little or nothing about by offering top-quality vehicles with high safety standards and advanced technology.

VinFast also plans to open 35 California showrooms and service centres this year, she said.

Most recently, vietnamnews.vn noted, California regulators have granted VinFast a licence to test autonomous vehicles on public roads. The company aims to deliver its first electric vehicles to US customers next year.

Content from our partners
Collaboration: the key to designing better EV battery packs
Navigating the lithium battery value chain
Teamwork: Making the EV dream reality

According to the report, Hai did not reveal how much Vinfast would invest in the US market, however, she said the firm targeted to be profitable after five years of operation despite challenges caused by the COVID-19 pandemic.

In September last year, California governor Gavin Newsom ordered a phase-out of sales of new ICE cars by 2035 which is billed as an impetus for Vinfast to sell electric vehicles in the market, she said.

Earlier, according to the report, Vingroup chairman Ph?m Nhat Vuong told Bloomberg he would pour US$2bn into Vinfast to export cars to the US.

Vinfast to produce solid-state battery in Vietnam

Topics in this article:
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Monday. The industry's most comprehensive news and information delivered every quarter.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU