Vietnam’s Vinfast 3Q EV deliveries rise, eyes new plant

: Battery materials, Metals
24/11/27

Vietnam-based electric vehicle (EV) manufacturer Vinfast Auto is on track to meet its delivery goal for the year and plans to build an assembly plant in the country after posting firm July-September delivery figures.

Vinfast delivered around 21,900 EVs during the quarter, more than double compared with the same period a year earlier and up by 66pc on the quarter, according to its latest quarterly results. Vinfast has delivered more than 51,000 EVs during January-October, having delivered more than 11,000 to its customers in Vietnam in October.

"We expect to finish 2024 on a strong note and meet our 80,000-vehicle delivery target, as the momentum in [the third quarter] has continued into [the fourth quarter]," chairwoman of Vinfast's board of directors Le Thi Thu Thuy said. Vinfast lowered its 2024 EV delivery goal from the 100,000 units it set earlier this year. It missed its delivery goal of 40,000-50,000 units last year.

The firm plans to build a new plant in Vietnam's Ha Tinh, which it is targeting to have an annual assembly capacity of 300,000 units. Construction is expected to begin in early December and operations to begin in 2025.

The bold expansion plan comes after Vinfast received a massive funding pledge earlier this month from its parent company Vietnamese conglomerate Vingroup and its chairman Pham Nhat Vuong. Vinfast is poised to receive $3.6bn in funding in free grants and loans until the end of 2026 under the new round of financial backing, which includes a $2.1bn personal sponsorship pledge from Pham. Pham last year gifted near the entirety of Vietnamese battery manufacturer VinES Energy Solutions to Vinfast for no consideration.

Vinfast has been loss-making and posted a net loss of $550mn in July-September, which narrowed by 15pc on the year and 29pc on the quarter. Its revenue during the quarter was up by almost half compared with the same period a year earlier to around $512mn. Vinfast racked up $2.4bn of net losses in 2023.

By Joseph Ho

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24/11/29

Liberty units to be repaid in Speciality restructuring

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Japan’s Al imports rebound in October

24/11/29

Japan’s Al imports rebound in October

Shanghai, 29 November (Argus) — Japanese aluminium imports hit a peak for the year in October as buyers began restocking after a few months of inactivity. Imports of primary aluminium in October increased by 41.8pc from September and 20pc from the previous year, totalling 103,989t. This brought the total imports from January to October to 870,942t, marking a 0.6pc decrease compared with the same period last year, data from the Japanese finance ministry shows. India surpassed other major suppliers in October to become the largest supplier for the first time. Japanese buyers maintained low price expectations, pushing many suppliers to redirect their allocation to other markets owing to tight supply. Production of domestic aluminium goods in October decreased by 1.1pc year on year to 149,884t, according to the Japan Aluminium Association. Domestic shipments of aluminium products increased slightly by 1.1pc year on year to 151,077t, marking the first rise in three months. The car production and construction sectors remained quiet. Japan's domestic automobile production in October was largely stable year on year, but the number of new housing projects decreased by 0.6pc to 68,548 units in September, according to the latest industrial data. Japan's imports of secondary aluminium alloy ingots (ADC12) also hit a one-year high in October, increasing by 37.2pc year on year and reaching 110,680t, data from the finance ministry show. Japan's aluminium imports t Oct-24 Sep-24 ± % Jan-Oct 2024 Jan-Oct 2023 ± % India 22,897 1,466 1,461.6 93,753 68,942 36.0 Australia 22,830 21,997 3.8 235,745 245,798 -4.1 Brazil 14,895 11,302 31.8 142,514 137,261 3.8 UAE 10,481 5,973 75.5 93,544 76,189 22.8 New Zealand 7,983 8,497 -6.0 88,547 93,991 -5.8 South Africa 5,756 7,984 -27.9 63,314 56,827 11.4 Saudi Arabia 3,543 3,257 8.8 30,726 31,612 -2.8 Malaysia 3,199 5,807 -44.9 34,438 38,443 -10.4 Bahrain 2,207 878 151.3 15,645 30,463 -48.6 Russia 503 139 260.9 22,343 70,591 -68.3 Others 9,695 6,027 60.8 50,374 25,852 94.9 Total 103,989 73,327 41.8 870,942 875,969 -0.6 Source: Ministry of Finance Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Tharisa’s profits up on higher chrome production

24/11/28

Tharisa’s profits up on higher chrome production

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Ambatovy to complete debt restructuring by Dec

24/11/28

Ambatovy to complete debt restructuring by Dec

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Hastings signs Saudi metals refinery agreement

24/11/28

Hastings signs Saudi metals refinery agreement

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