Current:Home > ScamsIndonesia’s president visits Vietnam’s EV maker Vinfast and says conditions ready for a car plant-Angel Dreamer Wealth Society D1 Reviews & Insights
Indonesia’s president visits Vietnam’s EV maker Vinfast and says conditions ready for a car plant
View Date:2024-12-23 18:25:00
HANOI, Vietnam (AP) — Indonesian President Joko Widodo visited Vietnamese automaker VinFast’s factory on Saturday and said that he would create the necessary conditions for the multinational to be able to build a plant and invest in Indonesia quickly.
On a trip to the sprawling factory in the port city of Haiphong in northern Vietnam, Widodo also sat behind the wheel of a VinFast electric car before wrapping up his three-day visit to Vietnam.
The Vietnamese EV maker has said it will invest $1.2 billion in Indonesia and build a factory with the potential to make up to 50,000 vehicles every year. Green SM, an EV taxi operator that is mostly owned by VinFast’s founder, also announced an investment plan of $900 million in Indonesia. It had earlier signed an agreement with Indonesian technology company PT GoTo Gojek Tokopedia Tbk, the owner of Gojek transportation services, to help their taxi service switch to electric vehicles.
VinFast’s plans to expand in Indonesia are part of their global goal of selling EVs in 50 markets worldwide. It is exporting EVs to the U.S. and also building a $4 billion EV factory in North Carolina, where production is slated to begin this year.
Earlier this month it said it planned to spend up to $2 billion to build an electric vehicle factory in India, the world’s third-largest auto market by sales.
VinFast is part of Vingroup, a sprawling conglomerate that began as an instant noodle company in Ukraine in the 1990s. It was founded and is run by Vietnam’s richest man, Pham Nhat Vuong.
Both Vietnam and Indonesia have been pledged billions of dollars by the Group of Seven advanced economies to help transition away from dirty fossil fuel as a part of a Just Energy Transition Partnership.
___
Associated Press climate and environmental coverage receives support from several private foundations. See more about AP’s climate initiative here. The AP is solely responsible for all content.
veryGood! (224)
Related
- Judge set to rule on whether to scrap Trump’s conviction in hush money case
- With threats, pressure and financial lures, China seen as aiming to influence Taiwan’s elections
- For consumers shopping for an EV, new rules mean fewer models qualify for a tax credit
- Boeing supplier that made Alaska Airline's door plug was warned of defects with other parts, lawsuit claims
- Video shows masked man’s apparent attempt to kidnap child in NYC; suspect arrested
- What 'Good Grief' teaches us about loss beyond death
- ChatGPT-maker braces for fight with New York Times and authors on ‘fair use’ of copyrighted works
- Flying on United or Alaska Airlines after their Boeing 737 Max 9 jets were grounded? Here's what to know.
- Mississippi man charged with shooting 5 people after not being allowed into party
- Preserving our humanity in the age of robots
Ranking
- Wreck of Navy destroyer USS Edsall known as 'the dancing mouse' found 80 years after sinking
- Hundreds of UK postal workers wrongly accused of fraud will have their convictions overturned
- What does 'highkey' mean? Get to know the Gen-Z lingo and how to use it.
- Nebraska upsets No. 1 Purdue, which falls in early Big Ten standings hole
- Medical King recalls 222,000 adult bed assistance rails after one reported death
- The Pope wants surrogacy banned. Here's why one advocate says that's misguided
- For 2024, some simple lifestyle changes can improve your little piece of the planet
- Olympic skater under investigation for alleged sexual assault missing Canadian nationals
Recommendation
-
John Krasinski Revealed as People's Sexiest Man Alive 2024
-
Virginia General Assembly set to open 2024 session with Democrats in full control of the Capitol
-
An Oregon judge enters the final order striking down a voter-approved gun control law
-
Notorious ‘Access Hollywood’ tape to be shown at Trump’s defamation trial damages phase next week
-
Suspect arrested after deadly Tuskegee University homecoming shooting
-
Iowa Gov. Kim Reynolds focuses on education, health care in annual address
-
Walmart experiments with AI to enhance customers' shopping experiences
-
Gabriel Attal appointed France's youngest ever, first openly gay prime minister by President Macron