Vingroup, Gotion start building $275 million battery plant in Vietnam

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<p><span class="caps">HANOI</span> – VinES Power Options, a unit of Vietnam’s largest conglomerate Vingroup <span class="caps">JSC</span> and China’s Gotion Excessive-Tech, have commenced building of a $275 million battery manufacturing facility within the Southeast Asian nation, Vingroup mentioned on Friday.</p>
<p>The manufacturing facility within the central province of Ha Tinh will yearly produce 30 million lithium iron phosphate (<span class="caps">LFP</span>) battery cells, the corporate mentioned in an announcement.</p>
<p>The cells might be used for electrical automobile batteries and power storage methods, it mentioned, including that the manufacturing facility is scheduled to start out manufacturing within the third quarter of subsequent 12 months.</p>
<p>The manufacturing facility will assist meet the battery wants of VinFast, an electrical automobile manufacturing arm of Vingroup, it mentioned.</p>
<p>VinFast mentioned on Thursday it had struck a take care of U.S. automotive subscription service Autonomy to provide greater than 2,500 models, its largest company order so far, as a part of a plan to develop additional available in the market.</p>
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