Foxconn and VinFast to Explore Partnership on Electric Vehicles

Apr 2021

Foxconn, the world’s largest assembler of consumer electronics, has started discussions with Vingroup, the largest conglomerate in Vietnam, related to collaborating in the fast-growing area of electrical vehicles (EVs).

According to Reuters, Foxconn has proposed acquiring EV production lines owned by Vingroup’s automotive unit, VinFast. However, VinFast reportedly prefers a partnership that would help the Vietnamese company to build the brand as an eco-friendly automaker while retaining its EV business.

VinFast is expected to begin delivery of EVs produced at its factory in the northern port city of Hai Phong to domestic customers by December 2021. It will also introduce its own electric, self-driving sport-utility vehicles in 2021 with Tesla-like features at a lower price and set up an electric vehicle battery venture with Taiwan’s ProLogium.

(Sources: Forbes, Reuters)

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