VinES Energy Solutions, a unit of Vietnam‘s largest conglomerate Vingroup JSC and China‘s Gotion High-Tech , have commenced building of a $275 million battery manufacturing unit within the Southeast Asian nation, Vingroup mentioned.
The manufacturing unit within the central province of Ha Tinh will yearly produce 30 million lithium iron phosphate (LFP) battery cells, the corporate mentioned in a press release.
The cells will probably be used for electrical automobile batteries and power storage programs, it mentioned, including that the manufacturing unit is scheduled to begin manufacturing within the third quarter of subsequent 12 months.
The manufacturing unit will assist meet the battery wants of VinFast, an electrical automobile manufacturing arm of Vingroup, it mentioned.
VinFast mentioned on Thursday it had struck a cope with U.S. automobile subscription service Autonomy to produce greater than 2,500 items, its largest company order thus far, as a part of a plan to broaden additional available in the market.