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News on Medial
Vietnamese EV maker VinFast's third-quarter revenue more than doubles
Economic Times
·
1y ago
Medial
Vietnamese EV maker VinFast reported a significant increase of 159% in third-quarter revenue, attributed to higher car deliveries and partnerships with US dealers. The company plans to establish an assembly facility in India, taking advantage of the government's EV incentives. VinFast, backed by Vingroup, aims to expand its presence internationally, with India being its primary right-hand-drive market. The company experienced setbacks with a voluntary recall of its initial batch of vehicles delivered in the US but managed to deliver 10,027 EVs in Q3, resulting in a net loss of 15 trillion Vietnamese dong.
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VinFast’s investment in TN hits a brake amidst confusion over new EV policy
Thehindubusinessline
·
1y ago
Medial
Vietnamese electric vehicle (EV) maker VinFast's $2 billion investment in Tamil Nadu, India, has been overshadowed by confusion over when benefits and subsidies under the new EV policy would begin to accumulate. VinFast's CEO, Pham Nhat Vuong, attended a meeting with the Ministry of Heavy Industries (MHI) via video conference and was informed that the benefits would only apply after the policy is implemented, not from the date of investment. The MHI clarified the policy details and expressed concerns about potential delays in VinFast's operations in India. The company had signed an MoU with the Tamil Nadu government to invest $2 billion in an EV facility.
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Founder of EV maker VinFast launches global charging stations venture
Reuters
·
1y ago
Medial
Pham Nhat Vuong, the founder of Vietnamese electric vehicle (EV) maker VinFast, has launched a new company called V-Green, focused on building a global EV charging network. With a 90% stake in V-Green, Vuong aims to support VinFast vehicles worldwide by establishing and expanding charging infrastructure in key markets. V-Green will also operate and manage VinFast's existing charging network in Vietnam, with potential plans to extend services to other EV manufacturers in the future. Vuong plans to invest $404 million over the next two years to develop new outlets and enhance the charging network.
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Vietnam’s VinFast looks to start India EV operations in 2024
Livemint
·
1y ago
Medial
Vietnamese electric vehicle (EV) maker VinFast plans to launch its two-wheelers and four-wheelers in India by the third quarter or second half of 2024. The company has conducted dealer 'clinics' with potential Indian partners and is expected to import vehicles as completely-built up units. VinFast aims to target a price range of ₹18-20 lakh for its initial import into India, though import duties may affect pricing. The company plans to initially focus on tier-1 cities before expanding to other areas. VinFast is actively hiring and establishing its leadership team in India.
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Founder of EV maker VinFast launches global charging stations venture
Economic Times
·
1y ago
Medial
Billionaire Pham Nhat Vuong, the founder of Vietnamese electric vehicle (EV) manufacturer VinFast, has launched V-Green, an EV charging stations company. V-Green will prioritize supporting VinFast vehicles globally and plans to create a comprehensive charging network. In addition to Vietnam, V-Green will search for land and partners to expand its charging network in key markets for VinFast. The company will initially manage VinFast's existing charging network and consider extending services to other EV manufacturers after five years. Vuong intends to invest $404 million in new outlets and charging network upgrades over the next two years.
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Atlas raises $27 million for new nickel technology for EV batteries
Economic Times
·
1y ago
Medial
Vietnamese electric vehicle maker VinFast Auto is considering establishing a manufacturing unit in India, according to sources. VinFast, which emerged as the world's third most valuable carmaker recently, sees India as a potential market for its EVs.
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Cisco to lay off more than 4,000 employees, lowers annual revenue forecast
Economic Times
·
1y ago
Medial
Cisco Systems is set to cut 5% of its workforce, amounting to more than 4,000 jobs, as the company faces challenges in a tough economic climate. The networking equipment maker also lowered its annual revenue target and shares tumbled over 5% in extended trading. Weak demand from telecom and cable service providers has affected the company. Cisco is now focusing on AI and has partnered with Nvidia, with plans to use Cisco's ethernet technology in data centers and AI applications. The company expects third-quarter revenue to be lower than estimates at $12.1 billion to $12.3 billion.
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EV maker VinFast signs pacts with 13 dealer groups; aims 35 dealerships in India by 2025-end
Economic Times
·
4d ago
Medial
VinFast Auto India, a subsidiary of Vietnam-based electric vehicle maker VinFast, has announced its plans to open 32 dealerships across 27 Indian cities by partnering with 13 dealer groups. Aiming to establish 35 dealerships by the end of 2025, this initiative underscores VinFast's commitment to creating a strong sales, service, and spares network, while preparing for the pre-booking of its VF 6 and VF 7 models, targeting key emerging EV markets in India.
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Vietnam's VinFast to set up $500 mln EV facilities in India
Reuters
·
1y ago
Medial
Vietnamese electric vehicle (EV) maker VinFast has entered an agreement to establish its first manufacturing facilities in India with an investment of up to $2 billion. The project, in partnership with the state of Tamil Nadu, aims to start construction this year and generate 3,000 to 3,500 jobs locally. VinFast plans to make EV batteries in Thoothukudi, Tamil Nadu, and intends for the project to become a leading EV production hub in the region with an annual capacity of up to 150,000 vehicles. India is targeting 30% EV sales by 2030.
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Foxconn second quarter revenue rises 15.82% on year - The Economic Times
Economic Times
·
11d ago
Medial
Foxconn, the world's largest contract electronics maker and Apple's primary iPhone assembler, reported a 15.82% rise in second-quarter revenue compared to the previous year, achieving a quarterly record. Additionally, the company, a major supplier for AI chip firm Nvidia, anticipates continued growth in its third-quarter business both sequentially and annually.
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Lenovo posts another revenue decline as PC demand remains slow
Economic Times
·
1y ago
Medial
Lenovo Group reported a 16% decline in revenue for the third quarter, reaching $14.41 billion. The world's largest PC maker has experienced a sales decline for the fifth consecutive quarter due to the ongoing supply exceeding demand in the personal computer market. This comes as Lenovo continues to manage excess inventory from the COVID-19 pandemic. Despite meeting market expectations, this marks another revenue decline for the company.
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