Chairman Pham Nhat Vuong donated 99.8% of his shares in VinES Energy Solutions Joint Stock Company to VinFast.
The merger is designed to further enhance the automaker’s self-sufficiency in the battery technology and production chain, while increasing its competitive edge in the ever-growing electric vehicle market.
The move creates an unparalleled competitive advantage for VinFast in the global electric vehicle market. In April 2023, Pham Nhat Vuong signed an agreement committing him to donate $1 billion from his personal assets to VinFast. Vingroup, together with Vuong, also announced the contribution of a further $500 million to VinFast in non-refundable grants, as well as a guarantee for a loan of $1 billion carrying a maximum tenor of five years to support VinFast’s growth and global expansion plans.
The factory is expected to start production in the third quarter of 2024 and will have an initial capacity of 5 GWh per year. The factory will produce lithium iron phosphate battery cells, which is a type of lithium-ion battery that is known for its low cost and long cycle life.
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