According to media reports, on August 23rd, Guoxuan Hi-Tech signed a memorandum of understanding with Vietnamese car brand VinFast on the R & D and production of LFP batteries for electric vehicles, and the two sides will jointly carry out R & D and production of LFP batteries.
In addition, the two sides also discussed the possibility of setting up a Giga factory in Vietnam, where the first LFP battery production plant will be established, and VinFast will focus on purchasing LFP batteries from Guoxuan Hi-Tech.
About VinFast
It is understood that VinFast, a Vietnamese carmaker, was founded in October 2018. despite its short history, VinFast sales surged from 15300 in 2019 to 29485 in 2020.
As a result of the increase in sales, VinFast is planning ambitious global expansion. It will be the only Vietnamese brand aimed at exporting cars to the United States, Canada and Europe.
The brand currently has three models on sale. The Lux SA2.0 SUV (based on the third-generation BMW X3), the Lux A2.0 sedan (based on the sixth-generation BMW 5-series) and the Fadil Supermini, lead the market in Vietnam.
In terms of cooperation with battery manufacturers, it is reported that VinFast has partnered with Huineng Technology and plans to set up a joint venture in the field of solid-state batteries.
In addition, according to media reports, VinFast plans to go public in the United States to raise $3 billion. It is understood that so far, VinFast has been valued at between $50 billion and $60 billion.
"the partnership with world-renowned battery manufacturers such as Guoxuan Tech is one of VinFast's important action plans to develop smart electric vehicles and a complete supply chain." Thai Thanh Hai, vice chairman of Vingroup, said.
About Guoxuan Hi-Tech
Guoxuan Hi-Tech is a power battery company with the head of China, which has been ranked among the top five in the installed capacity of power batteries. Even in the global market, Guoxuan Hi-Tech ranks in the top 10 and is not at the bottom.
At present, Guoxuan Hi-Tech has set up 8 R & D centers in China, the United States, Japan, Singapore, Germany, India and other places.
In terms of lithium iron phosphate battery, it is understood that the energy density of single cell of Guoxuan Hi-Tech has exceeded 210 Whhand kg, and the energy density of the system has reached 160 Whhand kg. It has the ability of both structural innovation and material innovation in the technical reserve, and develops innovative structural schemes such as large cylinder and JTM, constantly opening the upper limit of lithium iron phosphate application.
Li Kun, president of Guoxuan Tech, said: "Guoxuan Tech will use leading battery manufacturing technology and experience to support VinFast's electrification strategy."
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