Business News 20/10/2023, 07:45

VinFast announced the merger of battery research and manufacturing company - VinES

Chairman of Vingroup - Mr. Pham Nhat Vuong announced plans to donate 99.8% of VinES Energy Solutions Joint Stock Company to VinFast.

VinFast announced the merger of battery research and manufacturing company - VinES

Accordingly, VinES Company will be merged into VinFast Company to proactively use technology and focus resources to enhance research and development of batteries for VinFast's electric vehicles.

VinES is a member company of the Vingroup ecosystem with a total legal investment capital of 6,500 billion VND. The company operates in the field of research, development, and production of high-quality lithium-ion batteries for electric vehicles, energy storage systems, and other applications. In addition, VinES is also cooperating with leading battery technology partners around the world to become a comprehensive energy solution provider.

After the merger, VinFast will inherit all patents for battery cells, battery packs, factories, technology, partnerships, and contracts with VinES's suppliers. VinES's ownership of battery technology and a modern battery factory system is an important milestone in the comprehensive capacity of the VinFast production chain, while also creating an outstanding competitive advantage for VinFast in the global electric vehicle market.

Ms. Le Thi Thu Thuy, Vice President of Vingroup and General Director of VinFast Global, commented: "The merger of VinES into VinFast helps us be proactive in the fields of battery technology and battery supply for electric vehicles, optimizing costs and increasing technology content for VinFast cars. This is also an important step forward in developing and controlling the supply chain and integrated production line, further boosting the competitive strength of VinFast electric vehicles."

Previously, at the end of April 2023, Mr. Pham Nhat Vuong announced a donation of 1 billion USD to VinFast from his personal assets. Along with Mr. Vuong, Vingroup, founded by him, also announced a non-refundable grant of 500 million USD and a loan of 1 billion USD for a maximum period of 5 years to increase resources for VinFast's growth goals to global scale.

VOV / Translator: Hoàng Trúc

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