Photo credit: VinFast
With Thailand accounting for 58% of the total electric vehicles sold in Southeast Asia, as well as its status as a regional car manufacturing hub, VinFast is betting on the country’s potential.
The Vietnamese EV maker has signed agreements with 15 auto dealers in Thailand at the 2024 Bangkok International Motor Show. This follows the company’s expansion into Indonesia in February 2024, where it partnered with five local dealers.
VinFast now plans to open 22 showrooms in the Greater Bangkok area, which has an established charging infrastructure, among other things. The firm plans to expand its dealer network to other major Thai cities as well, including Chiang Mai, the second-largest city.
VinFast’s Thai expansion aligns with its goal to establish a presence in at least 50 countries by 2024. The company is actively growing its footprint in Asia, the Middle East, and Africa, alongside established markets like the US, Canada, and Europe.
It is also planning to enter the Philippines.
Recently, the company announced the construction of a US$500 million EV factory in India, with an annual capacity of up to 150,000 units.
VinFast founder Pham Nhat Vuong is also investing US$404 million in a new venture that would focus on developing and deploying an EV charging station ecosystem that “prioritizes supporting VinFast vehicles.”
The company recently reported US$1.2 billion in revenue for the FY ended December 2023, 91% higher than the previous year. However, it also recorded a net loss of US$2.3 billion in 2023.
See Also: Vingroup founder’s EV play revs up Vietnam’s ride-hailing race
Editing by Putra Muskita and Dhania Putri Sarahtika
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