Foxconn to Work With Vietnam's VinFast on Batteries, EV Parts- PingWest

Foxconn to Work With Vietnam's VinFast on Batteries, EV Parts- PingWest

Foxconn to Work With Vietnam's VinFast on Batteries, EV Parts

March 19, 2021 11:37 pm

Beijing (PingWest)—Vietnam’s largest conglomerate Vingroup said on Friday that its automotive division is in early-stage talk with Apple’s main supplier Foxconn to explore the possibility of cooperation in the areas of batteries and electric vehicle parts.

Foxconn has proposed acquiring EV production lines owned by the unit VinFast, Reuters reported, citing people with knowledge of the matter. 

But VinFast prefers a partnership as it is keen to brand itself as an eco-friendly automaker and wants to retain its EV business, one of the sources said.

“Vingroup has received proposals from Foxconn but nothing is concrete yet. The partnership, if any, will focus on developing the batteries and electric car parts,” a spokesman for Vingroup said.

VinFast, which rolled out a self-produced car in 2019, claims to be the first auto manufacturer in Vietnam with a closed, synchronous and complete cycle of production. The company sold about 30,000 vehicles last year and has forecast sales of more than 45,000 for 2021. 

Foxconn is stepping up its deployment in the EV manufacturing sector, as it aims to provide components or services to 10% of the world’s EVs by 2025 to 2027. The company said it will work with US startup Fisker to produce more than 250,000 vehicles a year beginning in late 2023 and will start building SUVs for China’s Byton next year.

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