Vietnamese electric car company VinFast spends US $200 million to build a factory in Indonesia: it will be put into operation in 2026 and will produce 30,000 to 50,000 vehicles a year.

CTOnews.com, September 22 (Xinhua)-- Vietnamese electric car manufacturer VinFast said in a filing with the Securities and Exchange Commission that it plans to invest US $200 million (CTOnews.com Note: about RMB 1.462 billion) to build an assembly plant in Indonesia that will produce 30,000 to 50,000 vehicles a year.

It is understood that the investment is part of VinFast's long-term plan to invest US $1.2 billion in the Indonesian market, which plans to expand in seven Asian markets, including India and Malaysia.

"We plan to start delivering electric vehicles in Indonesia in 2024, including right-hand rudder models VF e34 and VF 5, followed by VF 6 and VF 7," VinFast said in a statement. "due to the relatively low cost and ample supply of domestic raw materials, we have also identified Indonesia as a key potential market for the establishment of electric vehicle and battery manufacturing facilities from seven new market groups."