China’s Chery to build 0 million car factory in Vietnam – April 4, 2024

China’s Chery to build $800 million car factory in Vietnam – April 4, 2024

Vietnam’s Ministry of Commerce said Thursday that automaker Chery has signed a joint venture agreement with a local company to build an $800 million factory. This will make Chery the first Chinese electric car manufacturer to set up a factory in Vietnam.

The plant, jointly built by Chery’s unit Omoda&Jaecoo and Vietnam’s Geleximco, will be located in the coastal province of Thai Binh, the ministry said in a statement after the signing ceremony.

With a capacity of 200,000 vehicles per year, the plant will produce Chery’s OMODA and JAECOO electric models. The first phase of construction is expected to be completed in the first quarter of 2026, the statement added.

Meanwhile, Chery, which also sells cars in Europe and has a factory in Italy, will import two electric models to Vietnam that will go into service later this year, the ministry said.

China’s BYD, the world’s largest electric car maker, has also been trying to build a factory in Vietnam, although Reuters reported last week that it might slow down the plan.