VinFast hopes to expand to seven additional Asian regions, including Indonesia, where it will start deliveries next year and build a facility in 2026.
According to its latest SEC filing, VinFast, formed and almost entirely controlled by Vietnam’s richest man and founder of parent conglomerate Vingroup (VIC.HM), plans to invest $1.2 billion in Indonesia over the long term.
Up to $200 million will go to its Indonesian facility, producing 30,000 to 50,000 units annually by 2026.
Indonesia, Southeast Asia’s largest economy with 270 million people, is wooing global E.V. producers with its rich nickel resources. Less than 1% of automobiles on the roadways are E.V.s.
The Indonesian factory will be VinFast’s third after its Haiphong plant and a 2025 North Carolina unit.
VinFast has declared several global E.V. expansion goals since its 2017 founding.
The E.V. producer also said in its application that it aimed to grow into India, Malaysia, the Middle East, Africa, Latin America, and 40–50 prospective markets in Europe.
VinFast plans to create exhibition rooms on its distributors’ sites.
Last month, the loss-making startup’s Nasdaq debut valued it at almost $85 billion, greater than Ford F.N.N).
VinFast enters the American market as Tesla and other Chinese firms pressure prices.
On Tuesday, VinFast shares rose 3.86% to $17.21 from $82.35 on August 28. The tiny number of publicly traded shares makes the stock volatile.
The non-profit organization plans to attract funds from worldwide investors over the following 18 months. Vingroup (VIC.HM), Vietnam’s biggest conglomerate and VinFast parent, fell 0.33% at 0635 GMT.
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