The merger is designed to enhance VinFast's self-sufficiency in battery technology and its production chain, while increasing its competitive edge in the ever-growing electric vehicle market.
Following the donation, VinES will be merged into VinFast to enhance its self-efficiency in battery technology and leverage resources to increase battery research and development for its vehicles.
VinES is a member company of Vingroup with legal capital of VND 6,500 billion ($270 million). The company specializes in researching, developing, and manufacturing advanced lithium-ion batteries for mobility and energy storage applications. VinES also cooperates with leading global battery technology partners and seeks to become a comprehensive energy solution provider.
Under the terms of the merger, VinFast will acquire all VinES' intellectual property related to battery cells, battery packs, manufacturing facilities, technology, partnerships, and supplier contracts. This comprehensive acquisition of VinES' battery technology and modern manufacturing facilities is an important step in completing VinFast's fully integrated production chain and creates an unparalleled competitive advantage for VinFast in the global electric vehicle market.
Ms. Le Thi Thu Thuy, Vice Chairwoman of Vingroup and Global CEO of VinFast shared: "The acquisition of VinES will help VinFast control our battery technology and supply chain, thus optimizing operating expenses and enriching technology content in our electric vehicles. This is also an important step towards developing and controlling an integrated supply chain as well as comprehensive manufacturing system to further strengthen our competitiveness."
In April 2023, Mr. Pham Nhat Vuong signed an agreement committing him to donate USD 1 billion from his personal assets to VinFast. Vingroup, together with Mr. Vuong, also announced the contribution of a further USD 500 million to VinFast in non-refundable grants as well as a guarantee for a loan of USD 1 billion carrying a maximum tenor of five years to support VinFast's growth and global expansion plans.
Planning a party is never easy and comes with promptness and being easy going. There are items for decorations and other supplies that are needed for planners. When i…
In a world where stress and anxiety often take center stage, the presence of visual art in our daily environments offers a quiet yet profound counterbalance. Posters an…
When it comes to maintaining the cleanliness and appearance of your carpets, two popular methods often come into consideration: deep cleaning and carpet steam cleaning…
The safe operations of construction sites call for the participation of Sydney traffic control firms since it plays a role as essential as any other in the operation…
Bicarbonate of soda, commonly known as bicarb soda, is more than just a kitchen staple. While many people use it for cooking or cleaning, it’s also a versatile ingredie…
Selecting the right painters for a home or commercial property helps us make, organise, and get the perfect painting job. Mandurah and Rockingham, for example, have loc…
The installation of roller shutters can be a versatile and practical solution to improve security, privacy, and energy efficiency in homes and businesses. Whether it is o…
"Boost your online presence💻 with our Top-Rated Social Media Agency🏆. Experience expert strategies🎯 for undeniable growth! 🚀"
In today’s fast-paced digital landscape, …
Life can be a bit like an Australian outback road—full of twists, turns, and the occasional bump. During these hectic, stressful times, it’s all too easy to let your oral health fall by the wayside...
In a world where stress and anxiety often take center stage, the presence of visual art in our daily environments offers a quiet yet profound counterbalance. Posters and paintings are not just decor...
🌎♻️Explore the health & environmental impacts of waste disposal. Dive into essential insights💡for a sustainable future! #WasteManagement #Health🌿🌍
Waste disposal is an inevitable aspect of mode...
Hashtag.net.au
