Vingroup official announced the construction of Vietnam's first lithium iron phosphate battery factory, with the partner of Gotion High Tech

Nov 19,2022

Securities Times e Company reported that on November 18, Vingroup, the largest private enterprise group in Vietnam, issued a statement announcing that its battery manufacturing and research and development company VinES Energy Solutions and Gotion High Tech had broken ground in their joint venture factory in Yong'an Economic Zone, Ha Tinh Province, Vietnam, to produce lithium iron phosphate batteries, mainly for electric vehicle batteries and energy storage systems (ESS).

It is understood that the project has a total investment of nearly 6.33 trillion Vietnamese dong (about 275 million US dollars), covers an area of 14 hectares, and has a design annual capacity of 5GWh. It is expected that large-scale production will begin in the third quarter of 2024, and it will become the first lithium iron phosphate battery factory in Vietnam.

Previously, Gotion High Tech said on the investor interaction platform that the company deeply cultivated the technology of lithium iron phosphate battery and was highly recognized by customers and the market with its high-quality and safe products. Since this year, the company has established strategic partnerships with some leading photovoltaic and energy storage enterprises at home and abroad, and the company's shipment and market space in the field of energy storage are very promising.

According to the public information, as of the first half of this year, Gotion High Tech has accumulated 26 passenger car customers, 14 passenger car customers and 27 special vehicle users, among which, passenger car customers include Chery Automobile, SAIC GM Wuling, JAC Automobile, Chang'an Automobile, Great Wall Automobile, Zero Running Automobile, etc; In the future, Gotion High Tech will also increase cooperation with Tata India, Volkswagen Germany, VinFast Vietnam and R Company of the United States to accelerate international market expansion. According to the plan, Gotion High Tech will form a lithium battery capacity of 300GWh in 2025, including 100GWh overseas.