Vietnam and BYD Announce $130 Million EV Battery Plant Deal.

Vietnamese auto manufacturer Kim Long Motor is partnering with Chinese firm BYD to develop a $130 million plant in central Vietnam to produce batteries for commercial electric vehicles. The facility will have an initial capacity of 3 gigawatt-hours per year and is expected to commence operations soon. In its second phase, the plant will expand to 10 hectares, double its production capacity, and introduce battery production for electric passenger cars. Vietnam's EV market is rapidly expanding, led by domestic automaker VinFast.