Chinese automaker Chery is set to massively expand its operations in the Southeast Asian region. The car brand announced an ambitious $800 million investment in a brand-new electric vehicle (EV) production plant in Vietnam. This marks a significant development, solidifying Chery’s position as the first Chinese EV manufacturer to establish a dedicated production facility in the region.
Partnership With Geleximco
The Vietnamese trade ministry confirmed the news following the signing of a joint venture agreement between Chery’s Omoda & Jaecoo unit and Vietnamese powerhouse Geleximco.
This strategic partnership leverages Chery’s established expertise in EV technology with Geleximco’s deep understanding of the Vietnamese market. The chosen location for the Chery Vietnam production plant is the coastal province of Thai Binh, offering logistical advantages and a skilled workforce.
New Facility For Omodo & Jaecoo Brands
The Chery Vietnam production plant will primarily focus on manufacturing Chery’s Omoda and Jaecoo electric vehicle models. These models, currently not available in Vietnam, are expected to generate significant interest among Vietnamese consumers looking for eco-friendly transportation solutions.
Production Capacity
Chery’s Vietnam production plant is designed to be a powerhouse, boasting a targeted annual capacity of 200,000 electric vehicles. This significant output reflects the growing demand for eco-friendly transportation solutions in Vietnam and the broader Southeast Asian region.
Plant Construction Details
Construction of the Chery Vietnam production plant is expected to begin in the third quarter of 2024, with a phased approach ensuring a smooth transition to full capacity. The initial phase is projected to be completed by the first quarter of 2026, laying the groundwork for large-scale EV production.
Chery EVs In Vietnam
While awaiting the completion of the Chery Vietnam production plant, Vietnamese consumers can still experience the thrill of Chery’s electric vehicles. The company plans to introduce two electric vehicle models through imports by the end of 2024, offering a taste of the technology and innovation to come.
Chery’s Global Plans
The Vietnam production plant represents another significant step in Chery’s global expansion strategy. The company is already established in Europe and is exploring the possibility of setting up a plant in Italy. This strategic investment in Vietnam underscores Chery’s commitment to becoming a major player in the global electric vehicle market. Want to know more about the Chery brand? Here is a detailed article on the Chinese car giant.
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