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VinFast, run by billionaire Pham Nhat Vuong’s Vingroup, plans to build an electric vehicle manufacturing facility in Indonesia and build a taxi service in Southeast Asia’s most populous country over the next few years. We plan to invest 100 million dollars.
The company’s Green and Smart Mobility (GSM) division operates an all-electric taxi service in Vietnam, with plans to expand the service to Cambodia, Laos and even the United States. We are trying to obtain the necessary license from the Indonesian government. Vingroup responded: forbes asiaThis is your question. GSM announced that it will invest $900 million to build depots, charging stations and service stations, as well as acquire a fleet of taxis from Vinfast Auto, the group’s Nasdaq-listed EV maker.
Separately, GSM recently signed a memorandum of understanding with Indonesian ride-hailing giant Gojek to jointly promote green transportation in Indonesia. As part of the collaboration, Gojek users will be able to book their GSM electric taxis through the Gojek app in the future.
Apart from its taxi business, Vingroup, through VinFast, is investing $1.2 billion over the next few years to build an EV factory in Indonesia. Once completed, the facility will be able to produce up to 50,000 cars per year.
VinFast began shipping to North America and Europe last year, delivering 34,855 EVs. However, Tran Mai Hoa, VinFast’s deputy CEO of sales and marketing, said in a statement last week that due to strong economic headwinds and delays in the adoption of EVs in some regions, the company’s delivery volume has declined. The company stated that it did not reach its target of 50,000 units.
Pham, who has a net worth of $4.5 billion, is funding VinFast’s expansion plans to accelerate EV shipments across North America, Europe and Asia. In addition to Indonesia, VinFast has announced plans to build EV factories in India and the United States. The company was listed on the Nasdaq in August last year after merging with Black Spade Acquisition Company, a special purpose company backed by Hong Kong casino magnate Lawrence Ho.
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