VinFast opens second domestic EV factory amid global expansion
The new facility, located in the central province of Ha Tinh, has an initial annual capacity of 200,000 units and spans 36 hectares, the company said.
By comparison, VinFast's flagship factory in northern Haiphong is designed to reach a capacity of 950,000 units by next year.
VinFast, backed by Vietnam's largest conglomerate Vingroup, has set ambitious goals to establish production plants in international markets, including the US, India, and Indonesia. However, it has faced hurdles in its global expansion, including weaker demand and stiff competition.
The company announced last year that operations at its US factory would be delayed until 2028. Its India assembly plant is expected to become operational next month.
"Once operational, the VinFast Ha Tinh factory will contribute to VinFast's goal of producing one million vehicles per year to meet the increasing demand of domestic and foreign markets," said Nguyen Viet Quang, Vingroup's CEO.
The EV maker has set a delivery target of 200,000 cars for 2025, having sold about 56,000 units in the first five months, primarily in its domestic market.
It reported a net loss of $712.4m (R12,642,570,552) for the first quarter, less than the $1.3bn (R23,069,131,410) loss in the previous quarter but 20% more than a year before. Revenue jumped 150% to $656.5m (R11,649,911,362) over the same period.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
eNCA
20 hours ago
- eNCA
Trump says Vietnam to face 20% tariff under 'great' deal
President Donald Trump announced Wednesday that he had struck a trade deal with Vietnam under which the country would face a minimum 20 percent tariff and open its market to US products. The deal comes less than a week before Trump's self-imposed July 9 deadline for steeper tariffs on US trade partners to take effect if agreements are not reached. Shares in clothing companies and sport equipment manufacturers -- which have a large footprint in Vietnam -- rose on the news, but later declined sharply after the president released details including the continued tariffs, which were higher than expected. If confirmed, the terms of the agreement will significantly increase the price of shoes and clothing that Vietnam exports to the United States, but Hanoi escapes the threat of the more severe 46 percent tariff threatened by Trump in April. "It is my Great Honor to announce that I have just made a Trade Deal with the Socialist Republic of Vietnam after speaking with To Lam, the Highly Respected General Secretary of the Communist Party of Vietnam," Trump wrote on his Truth Social platform. He said that under the "Great Deal of Cooperation," imports of Vietnamese goods will face a 20 percent US tariff, while goods that pass through Vietnam to circumvent steeper trade barriers -- so-called "transshipping" -- will see a 40 percent tariff. - 'Total Access' - Trump's trade advisor Peter Navarro has called Vietnam a "colony of China," saying that one third of Vietnamese products are in fact relabelled Chinese goods. Trump said that "in return, Vietnam will do something that they have never done before, give the United States of America TOTAL ACCESS to their Markets for Trade," he said. "In other words, they will 'OPEN THEIR MARKET TO THE UNITED STATES,' meaning that we will be able to sell our product into Vietnam at ZERO Tariff." The president said he believed US-made SUVs, "which do so well in the United States, will be a wonderful addition to the various product lines within Vietnam." In a government statement, Vietnam confirmed that negotiating teams had come to an agreement to address the reciprocal tariff issue, but did not detail any tariff terms. Trump "affirmed that the US will significantly reduce reciprocal taxes for many Vietnamese export goods and will continue to cooperate with Vietnam in resolving difficulties affecting bilateral trade relations, especially in areas prioritized by both sides," the statement said. Trump's announcement comes a week before the threatened US reimposition of steep tariffs on dozens of economies, including the European Union and Japan, many of which are still scrambling to reach deals that would protect them from the measures. Those higher tariffs are part of a package Trump initially imposed in April, citing a lack of "reciprocity" in trading relationships, before announcing a temporary lowering to 10 percent. Without a deal, Vietnam's "reciprocal tariff" would have risen from the baseline 10 percent to 46 percent. Since April, Washington had so far only announced a pact with Britain and a deal to temporarily lower retaliatory duties with China. Both involve the United States maintaining some of Trump's tariffs on the trading partners. The terms of the UK deal are more narrowly focused than those announced by Trump with Vietnam, with London and Washington agreeing to cut US tariffs on cars from 27.5 percent to 10 percent, with a limit of 100,000 vehicles a year. It also fully eliminated the 10 percent tariff on goods such as engines and aircraft parts. In return, Britain agreed to further open its market to US ethanol and beef. By Alex Pigman
TimesLIVE
a day ago
- TimesLIVE
New Porsche 911 Carrera 4S line-up offers all-wheel drive action
Porsche has bolstered its 911 range with the reveal of a spicy new all-wheel drive variant. Available as a Coupé, Cabriolet or Targa, the 911 Carrera 4S is armed with a 3.0 l twin-turbocharged six-cylinder boxer engine making 353kW and 530Nm of torque. Meshed to an eight-speed dual-clutch transmission, this is distributed between the front and rear axles via the firm's proven Porsche Traction Management all-wheel drive system. The latter ensures greater traction and increased stability in slippery road conditions. Straight-line performance is expectantly rapid, with Porsche claiming the Coupé variant will — when fitted with the optional Sport Chrono Package — race from 0-100 km/h in 3.3 seconds and reach a maximum speed of 308 km/h. No more excuses for being late then. No matter which of the trio you choose to park inside your garage, all three come fitted as standard with 20/21-inch staggered-fitment Carrera S wheels, Porsche Torque Vectoring Plus and a fruity sports exhaust system. There's also a beefy brake package borrowed from the 911 GTS that pairs 408mm discs up front to 380mm rotors at the rear. On both ends the calipers are finished in red. The Targa features rear-wheel steering as standard. Some of the other niceties bundled in for the list price include a standard leather package, wireless smartphone charging, electrically folding side mirrors, Porsche's 'Light Design Package', lane departure warning and a pair of darkness-piercing matrix LED headlights. While the Cabriolet and Targa are equipped with rear seats, Porsche delivers the Coupé as a two-seater as standard, though a rear seat system can be configured at no extra cost.
IOL News
a day ago
- IOL News
Tshwane Mayor unveils horticultural equipment worth R11 million to enhance city maintenance
City of Tshwane Mayor Nasiphi Moya handed over 555 pieces of horticultural equipment valued at R11 million to enhance the city's internal capacity for maintaining clean and beautiful streets. Image: Supplied/City of Tshwane Tshwane Mayor Nasiphi Moya has unveiled 555 pieces of horticultural equipment worth R11 million in Pretoria as part of the city's efforts to build internal capacity and maintain clean and beautiful streets. During the handover ceremony on Wednesday, Moya said her administration decided to build internal capacity, moving away from relying on tenders for services that the city's workforce can handle. 'When we were doing our adjustment budget in February we said as this administration that we need to capacitate our officials with the tools of trade and with the PPEs,' she said. The equipment will empower the municipal workforce to address service delivery backlogs, including grass-cutting, in all seven regions of the city. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Among the equipment were brush-cutters, backpack sprayers, backpack blowers, chainsaws, pruners, and garden tractors, which were purchased through the reprioritisation of funds by the regional operations and coordination department. Moya said: 'In the next three months, with the delivery of the new equipment, our regions will work in accordance with an urban management plan to address grass-cutting in public spaces including parks and cemeteries. The aim is to ensure that grass-cutting takes place ahead of the summer season.' She said her administration aims to create a beautiful city with decent landscapes and livable spaces. 'Our workers have, for years, decried their inability to perform because they do not have the tools of trade. The supply of this equipment comes as the City has adopted a revised urban management plan that will align service delivery initiatives across all departments in the City,' she said. The plan, she said, aims to get municipal departments collaborating in each of the seven regions to tackle key service delivery issues such as road maintenance, public lighting, urban infrastructure upkeep, and waste management. Each department will have a weekly target of actions to deliver and be assessed on, based on the plan's action list. Moya mentioned that in May, the city rolled out 30 fleet vehicles to the seven regions to boost response times for the Tshwane Metro Police Department. Additionally, the mayoral executive handed over the first 14 cherry pickers out of a batch of 100 last month to support enhanced city maintenance efforts. 'We have also prioritised the purchase of personal protective equipment to protect our workforce and ensure we mitigate injury in the discharge of their work,' she said. Deputy Mayor Eugene Modise cautioned workers against stealing parts of the equipment, the equipment itself, or diesel, warning that such actions would land them in trouble with city management. He also assured workers that the administration is committed to settling outstanding payments, asking them to be patient as city management engages in ongoing negotiations with the labour unions to find a solution. Modise's comments on negotiations with unions follow the breakdown of talks between the City and the South African Municipal Workers Union over the outstanding 3.5% wage increase for the 2021/22 period, which were facilitated by the Commission for Conciliation, Mediation and Arbitration on June 10 and 23.
