SOUTHEAST ASIA: VIETNAM REPORT
Automaker VinFast is partnering with China’s Gotion High-Tech to research and produce batteries for electric vehicles as part of its vision to become a global brand.
According to a statement released by Vingroup, VinFast’s parent company, the two companies are planning to build Vietnam’s first lithium iron phosphate (LFP) battery plant. LFP is an iron-based battery that does not rely on rare raw materials such as cobalt or nickel. That makes LFP batteries much cheaper, although they have lower energy density than nickel-based chemistries.
According to Vingroup, Gotion is the leading manufacturer of LFP batteries in China, with eight research and development centers worldwide and 10 manufacturing facilities in China. Thai Thi Thanh Hai, vice chairman of Vingroup, said the partnership is key to VinFast’s ability to achieve supply chain autonomy.
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