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thepaper · 2024-09-25
Geely Auto and Tasco to Establish Car Assembly Plant in Vietnam
Geely Auto will establish a car assembly plant in Vietnam with the local company Tasco, announced by Tasco.
Joint Venture Details
It is revealed that, Geely and Tasco just signed an agreement on September 23rd, to build a car assembly plant with an annual capacity of 75,000 vehicles at the initial phase. The total investment may amount USD168 million, among which Geely will contribute 36% of the funds.
The plant will be a joint venture for an automobile assembly plant in Tai Binh Province, Vietnam, producing vehicles for the Lynk & Co and Geely Auto brands initially.
Plant Construction Timeline
The two parties will start the construction of the new plant in H1 2025, and the plant is expecting to deliver the first batch of vehicles in early 2026.
Market Potential
The plant will pave the way for Geely to produce and conquer Southeast Asian market, with the help of Vietnam’s free trade agreements. Tesco will also act as a dealer partner for Geely, to serve well the local consumers.
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