LG Chem Sets Up Battery Joint Venture In Vietnam With VinFast

LG Chem to supply Vietnam’s wannabe EV makers with batteries

Vietnam’s largest conglomerate Vingroup JSC is moving forward with its plans to become the country’s first domestic car manufacturer (and manufacturer of electric cars).

Vingroup’s VinFast just set a joint venture with LG Chem in the northern port city of Hai Phong to produce batteries for electric vehicles.

At first, the JV will supply batteries (we assume battery packs) for VinFast electric scooters, but the second stage would be packs for electric cars.

In 2018, VinFast said that it intended to unveil its all-electric car (developed by German’s EDAG and designed by Italdesign Giugiaro) in 2019.

Vingroup has earmarked $3.5 billion for the overall car manufacturing project (on license from other manufacturers like BMW and GM).

Source: Reuters

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Author: Mark Kane

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