Chery Becomes China’s First EV Brand To Set Up Shop In Vietnam
Chery did this via a USD800 million joint venture with Vietnam’s Geleximco
Chery, the pioneering Chinese electric vehicle manufacturer, has recently made a significant stride by establishing its presence in Vietnam through a groundbreaking USD800 million (about RM3.8 billion) joint venture with local company Geleximco.
This strategic move marks a milestone as Chery becomes the first Chinese electric vehicle maker to set up a manufacturing facility in Vietnam, reflecting the company’s commitment to expanding its global footprint and tapping into new markets.
Moreover, the state-of-the-art manufacturing plant, situated in Thai Binh province, is slated to boast an impressive capacity of 200,000 vehicles per year. This ambitious undertaking underscores Chery’s confidence in the burgeoning electric vehicle market in Vietnam and its long-term vision for sustainable growth.
With construction set to commence imminently, the first phase of the project is targeted for completion by the first quarter of 2026. This aggressive timeline underscores Chery’s commitment to expeditiously bringing its cutting-edge electric vehicles to the Vietnamese market, thus capitalising on the growing demand for eco-friendly transportation solutions in the region.
In addition to setting up its manufacturing base, Chery has also outlined ambitious plans to introduce two electric vehicle models into the Vietnamese market by the end of the year. This proactive approach demonstrates the company’s agility and responsiveness to consumer preferences, as well as its commitment to offering a diverse range of electric vehicles tailored to the needs and preferences of Vietnamese consumers.
On top of that, Chery’s foray into Vietnam coincides with similar initiatives from other major players in the electric vehicle industry. Notably, China’s BYD, the world’s largest electric vehicle maker, has expressed keen interest in establishing a manufacturing facility in Vietnam.
This burgeoning competition underscores the immense potential of the Vietnamese market and reflects the growing importance of Southeast Asia in the global electric vehicle landscape. In conclusion, Chery’s establishment of a manufacturing facility in Vietnam represents a significant milestone in the company’s global expansion strategy.
What’s more, by leveraging its expertise in electric vehicle technology and forging strategic partnerships with local stakeholders, Chery is poised to play a pivotal role in shaping the future of electric mobility in Vietnam.
As the demand for sustainable transportation solutions continues to rise, Chery’s investment in Vietnam underscores its unwavering commitment to driving innovation and leading the charge towards a greener, more sustainable future.
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