Vietnam's auto manufacturer to establish $130 million EV battery plant with China's BYD [Yahoo! Finance]
BYD CO LTD UNSP/ADR (BYDDY)
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Source: Yahoo! Finance
million plant to produce batteries for commercial electric vehicles ?in central Vietnam. Under the agreement, Kim Long Motor will fund the construction of the facility, while BYD will provide comprehensive technical and technological support, the ?company said in ?a statement. The plant will be on a 4.4 hectare plot of land and ?will have a capacity of 3 gigawatt-hours per year, Kim Long Motor said in a statement. The company stated that ?operations are expected to commence soon, but ?it did not give an exact timeline. In its second phase, the facility will expand to 10 hectares and double its production capacity to 6 GWh per year. The expansion will also introduce battery ?production for electric passenger cars. The ?plant will produce batteries for ?commercial vehicles, including buses, trucks, and minibuses. Vietnam's EV market is rapidly expanding, led by ?domestic automaker ?VinFast, which dominates the sector. VinFast recently entered the commercial vehicle segment
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