Vietnamese carmaker VinFast and China’s Gotion High-Tech will jointly carry out the R&D and production of lithium iron phosphate (LFP) batteries.
LFP battery is the most sought-after battery technology in the global new energy vehicle market and has features like high safety and long life. LFP batteries can be produced without using expensive and rare materials such as cobalt and manganese. In addition to this, the price of LFP batteries is competitive and reduces the production cost of small and medium-sized electric vehicles, according to media reports.
Gotion High-Tech is a manufacturer of LFP batteries for electric vehicles, energy storage systems, and other applications in China. The company has eight R&D centers in China, the US, Japan, Singapore, Germany, and India.
Vinfast is exploring the local production of LFP batteries in Vietnam as a part of its efforts to establish a clean energy ecosystem and localize parts supply.
VinFast has been fostering collaborations with Israel, Taiwan, and the US, among others. This agreement is aimed at boosting R&D and application of advanced battery technologies, solid-state battery, extremely fast charging, new materials, and new battery designs.
Vinfast, a part of Vingroup, a private conglomerate engaged in three core sectors; technology, industry and services.