Vietnam's VinFast to bring 0.5 mil EV output online globally in 2025

VinFast is expected to bring a global electric vehicle capacity of 500,000 units/year online in 2025, having started construction of a second EV plant at Vung Ang Economic Zone, Ha Tinh province, on Dec. 8, increasing demand for secondary batteries.

The second EV plant will have an output of 300,000 units/year and become operational in July 2025, the Vietnamese automaker's parent, VinGroup said the same date.

Under future expansion plans, the second EV plant's capacity can be doubled to 600,000 units/year.

The new EV plant will be VinFast's fifth EV in the world, along with plants in India, Indonesia and the US.

VinFast's first EV plant is situated on Cat Hai Island near the city of Hai Phong and has an output of about 250,000 units/year.

The Indian and Indonesian plants are also expected to become operational in 2025, VinFast said. The Indian plant at Andhra Pradesh has a slated output of 150,000 units/year while the Indonesian plant at Subang, West Java, is rated at 50,000 units/year.

The US plant in Chatham County, North Carolina is expected to come online in 2028 with an output of 150,000 units/year.

To support its EV growth plans, VinFast Auto Ltd. acquired a 99.8% stake in battery maker VinES Energy Solutions Joint Stock Co. in October 2023.

VinES and Gotion Inc, a wholly owned subsidiary of China's Gotion High-Tech are building a 5 GWh/year joint venture battery plant at Ha Tinh Economic Development Zone, where the second EV plant is being built. The second EV plant will use auto parts from VinFast's existing plant at Haiphong.

Platts, part of S&P Global Commodity Insights, assessed battery-grade lithium carbonate at $10,600/mt and lithium hydroxide at $9,600/mt on Dec. 6, both on a CIF North Asia basis, steady on the day.