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cheat sheets


Singapore battery maker increases Vietnam investment by US$5.5 million

The Singapore subsidiary of Hong Kong-based Leoch Battery intends to invest an additional US$5.5 million in its southern Vietnam operations, bringing its total investment to US$35.1 million. This is expected to increase the factory’s capacity to 6.5 million auto batteries and 200,000 lithium battery components a year. 

The move to expand battery production capacity aligns with increasing global demand for electric vehicles–or EVs for short. The world is witnessing an explosion of EVs, with electric car sales in 2023 six times higher than in 2018, just 5 years earlier. Furthermore, global EV sales are predicted to grow from less than 45 million in 2023 to 250 million in 2030 and reach 525 million in 2035, according to the latest research by IEA. 

Moreover, lithium-ion battery revenue is expected to climb as well. Battery cells and car packs will account for 62 percent of the total US$300 million in revenue expected from the lithium-ion battery value chain by 2030, according to the World Economic Forum.

Notably,Vietnam is also part of this global movement. Specifically, EV sales in the Vietnamese market are predicted to reach an average annual growth of 25.8 percent over 2023 to 2032, up to 65,000 units from 8,400 in 2022, according to BMI

See also: Vietnam’s Automotive Industry 2024: Foreign Investor Cheat Sheet

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