Electric Mobility News

The new Arizona factory will consist of two facilities - one for cylindrical batteries for EVs and another for lithium iron phosphate (LFP) pouch-type batteries for energy storage systems (ESS)

The city-state's bid to stop the purchase of combustion-engine cars from 2030 has bumped up against an entrenched love of supercars, ultra-luxury rides and buyers with enough income to keep them in one of the most expensive places in the world to own a car.

VinFast, which began operations in 2019, is gearing up to expand in the United States, where it hopes to compete with legacy automakers with its two electric SUV models.

The soon-to-be-incorporated company will focus on electric three-wheelers and small commercial vehicles.

The auto, battery and clean energy industries have been awaiting guidance on complex questions governing eligibility for hundreds of billions of dollars of incentives in the Inflation Reduction Act, signed into law last year.

The government is planning to boost the number of electric vehicles in its fleet to 8,280 by the end of 2025 from the current 300.

As per the report, the company plans to raise capital by selling shares in its unit, currently valued at over $9.1 billion, in multiple tranches over the next two fiscal years

The manufacturer is looking to expand its presence in India in the short term while also looking to expand its reach to global markets by the end of the decade.