VinFast Auto Ltd. (VFS) will expand into several🌱 new markets, including Indonesia, where the Vietnamese electric vehicle (EV) maker will establish a plant by 2026, according to a Tuesday filing with the U.S. Securities and Exchange Commission (SEC).

In its 澳洲幸运5官方开奖结果体彩网:SEC filing, Vinfast said the company plans to establish its own distributor in markets including Vietnam, North America (U.S. and Canada) and Europe (France, Germany, the Netherlands), and seven additional market clusters in Asia (including India, Indonesia and Malaysia), the Middle East, the rest of Europe, Africa and Latin America.

VinFast will invest $200 million in the proposed Indonesian plant, which would produce between 30,000 and 50,000 EVs per year once operational. The company projects its long-term investment in Indonesia will total $1.2 bil🎐lion, including plant costs.

The proposed Indonesia plant would be VinFast's third established facility. The first is in Haiphong, Vietnam, and a second plant in North Carolina will begin production in 2025. Indonesia is particularly attractive to EV makers due to the nation's high concentration of nickel, a key component for EV batteries.

The news comes about one month after the business combination of VinFast and Black Spade Acquisition Co. ahead of the combined entity's listing on the Nasdaq Global Select Market on Aug. 15.