: Vietnams Richest Man Is Launching an Ambitious—and Controversial—Gambit to Sell Americans Electric Cars #WorldNEWS On northern Vietnam’s Red River Delta, the world’s most ambitious

@newsMNC

Posted in: #WorldNEWS

Vietnams Richest Man Is Launching an Ambitious—and Controversial—Gambit to Sell Americans Electric Cars #WorldNEWS
On northern Vietnam’s Red River Delta, the world’s most ambitious electric-vehicle (EV) upstart occupies a factory complex fringed with mango trees and palms. Outside VinFast’s plant by the port city of Haiphong, fishermen in conical hats still plumb mudflats for grass carp and tilapia; inside, each car negotiates an overhead ergonomic conveyor assembly line measuring 2. 5 miles. A gauntlet of 1,250 robot arms twirl like pneumatic ballerinas, adding some 3,000 components and wielding rivet after rivet in a flurry of sparks.
Everything here is top of the line: machinery sourced from Germany, Japan, Sweden. Welding is 98% automated. Capacity is 250,000 cars a year. Impressively, instead of individual assembly lines tailored for each vehicle, the facility can simultaneously assemble multiple models on the same line. Even more impressively, Google Maps shows half of the 877-acre site sits beneath the South China Sea—a quirk because it was reclaimed from the waves and made operational in just 21 months.
[time-brightcove not-tgx=true]
Read More: The Biden Administration Is Trying to Kickstart the Great American Electric Vehicle Race
VinFast CEO Le Thuy likes to joke that not even the Mountain View, Calif. , behemoth can keep up with the EV maker’s lightning pace. “At the start, everybody said that building cars in two years was impossible. Some even called us crazy,” she says. “But we launched three car models in those 21 months. ”
The global EV market was valued at 5 billion in 2021 and is expected to rise by 24. 5% annually to reach 0 billion by 2028. VinFast is not alone in craving a slice of that pie and is aggressively targeting the U. S. and European auto markets. To succeed, it needs to either unseat Tesla or persuade gasoline-car drivers to switch over. That’s no small feat: China accounts for about half of the global market for EVs, yet still none of its firms have tried the U. S. despite plowing tens of millions of dollars into feasibility studies.

Linh Pham for TIMELe Thuy, VinFasts Global CEO, at Vinpearl Nha Trang.
Skepticism is natural when it comes to the congested global EV industry. No sooner does one startup steal a march on rivals than its latest funding round burns up and another overtakes it. Today, the U. S. industry has consolidated behind Tesla—worth some 0 billion and turning its co-founder, Elon Musk, into the world’s richest man—and legacy automakers are belatedly turning to a market whose importance is soaring alongside global oil prices. But how does a parvenu from the technological backwaters of Vietnam seriously expect to compete?
It’s a huge challenge.

Latest stock market news Twitter alternate of India

Flash it Bury this

0 Reactions   React

Replies (0)

Login to post a comment!