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VinFast forms 15 partnerships to expand in Thailand
VinFast, the Vietnamese electric vehicle giant, has solidified partnerships with 15 dealers in Thailand, aiming to capitalize on the country’s evolving EV market. This move comes amidst Thailand’s ambitious plan to transition 30% of its annual vehicle production to electric by 2030.
Vietnam’s major electric vehicle maker VinFast said on Wednesday it has partnered with 15 dealers in Thailand, its latest move to expand its presence in Southeast Asia and meet growing demand in the region.
These agreements were agreed during the Bangkok International Motor Show this week. Thailand wants to shift about 30% of its annual vehicle production to electric vehicles (EVs) by 2030, increasing competition among electric vehicle makers who view the country as an important auto manufacturing hub.
VinFast is entering the Thai market at the same time as Chinese electric vehicle brands such as BYD and Great Wall Motor are aggressively selling in Thailand, while market leader Tesla is in talks with Thai authorities regarding a possible production facility.
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BYD currently holds the largest share of Thailand’s electric vehicle market, and Guangzhou-based Xpeng plans to open five showrooms in Thailand this year to introduce its higher-end electric vehicle models.
VinFast in a statement highlighted: “VinFast and its partners will actively collaborate to establish 22 showrooms strategically located along major roads in the Greater Bangkok area, which will be the center of VinFast’s expansion strategy in Thailand.”
Thai consumers purchased 73,500 battery-electric vehicles in 2023, accounting for about 9% of domestic vehicle sales. The Federation of Thai Industry forecasts that this figure will double by the end of 2024.
Founded in 2021, VinFast began making electric vehicles and became listed on the Nasdaq last year. The company plans to expand its operations to 50 countries, selling almost 35,000 vehicles in 2023.
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Last update: Mar 27, 2024