Vietnam’s VinFast in deal with PV Oil for electric car charging stations
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VinFast on Thursday signed a memorandum of understanding with PetroVietnam Oil Corp. to build charging stations for its electric cars and scooters.
The company, a unit of Vietnam’s largest conglomerate Vingroup JSC, is building a $3.5-billion scooter and automobile complex in northern Vietnam, with its first production electric scooters slated to hit the streets late this year.
Thursday’s agreement will pave the way for VinFast to deploy charging stations at 20,000 of PV Oil’s existing service stations in Vietnam by 2020, VinGroup said in a statement.
This is part of VinFast’s plan to launch between 30,000 and 50,000 charging stations nationwide by 2020, it said.
VinFast customers will be able to charge their vehicles or change their batteries at these stations, it added.
VinFast Chief Executive Officer Jim Deluca said in an interview earlier this month that the firm would produce 250,000 electric scooters a year alongside 250,000 cars, in an ambitious production target that is set to eventually increase to 1 million units each a year.
The company has started on the development of a battery electric vehicle with Germany’s EDAG Engineering.
Vingroup, which has a market value of about $13.2 billion, also has businesses in property, hospitality, entertainment, retail, healthcare, education, agriculture and smart phone production.
Questions & Answers
Q.What is the primary purpose of the agreement between VinFast and PetroVietnam Oil Corp.?
What is the primary purpose of the agreement between VinFast and PetroVietnam Oil Corp.?
The agreement between VinFast and PetroVietnam Oil Corp. Is for building charging stations for VinFast's electric cars and scooters. This will allow VinFast to deploy charging infrastructure at PV Oil's service stations.
Q.When does VinFast plan to have its first electric scooters available to customers?
When does VinFast plan to have its first electric scooters available to customers?
VinFast's first production electric scooters are scheduled to be introduced to the market later this year. This launch is part of their broader manufacturing efforts at their complex in northern Vietnam.
Q.What is the planned total number of charging stations VinFast aims to establish across Vietnam?
What is the planned total number of charging stations VinFast aims to establish across Vietnam?
VinFast intends to launch between 30,000 and 50,000 charging stations nationwide by 2020. This includes using PV Oil's existing network of service stations as part of the expansion.
Q.Which company is VinFast collaborating with for the development of its battery electric vehicles?
Which company is VinFast collaborating with for the development of its battery electric vehicles?
VinFast has started developing a battery electric vehicle with Germany's EDAG Engineering. This partnership focuses on the technical aspects of their electric car development.
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