Vietnam electric car maker VinFast is reportedly preparing to start work on a new EV factory in central Vietnam’s Ha Tinh province, according to its latest SEC filing. The factory is expected to have a capacity of 300,000 units a year and work is expected to start as soon as December this year.
This will effectively double VinFast’s production capacity in Vietnam to 600,000 units with its Hai Phong factory reportedly capable of producing 300,000 units a year too. Notably, year-to-date VinFast has sold just 51,000 units, many of which it sold to affiliated company, Xanh GSM. With this in mind, it’s not clear what the business case for a new factory in Ha Tinh might be.