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VinFast wants to build a US battery plant, report says

The Vietnamese car company ready to sell cars in the US wants to make a substantial local investment here.

VinFast VF e35 and e36
VinFast promises big things.

VinFast is clearly on the move following reservations opening for its first two electric cars meant for sale in the US. According to the company's global CEO, Le Thi Thu Thuy, the carmaker wants to build a battery and battery cell factory locally in the US, too. The executive told Reuters in an interview published Thursday the decision comes as VinFast is moving to only sell electric cars by the end of this year.

VinFast wants to eventually make its own batteries, but the short-term plan will be to assemble batteries from its suppliers at first. The company also plans to fully assemble electric cars in the US by the end of 2024, if all goes according to the ambitious expansion plans.

Since beginning sales, the company has sold vehicles with internal-combustion engines in Vietnam. It targeted EVs for the US and other countries, but the automaker's entire operations will focus on EVs from now on. The first two vehicles meant for the US, the VF e35 and VF e36, will target the midsize and large SUV segments, respectively. Prices for the VF e35 start at $41,000, while the larger VF e36 starts at $56,000. VinFast will also introduce two leasing models, one with flexible terms on mileage and a subscription fee, and a fixed traditional lease.

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