VinFast to invest hundreds of millions to implement own global line of branded EV chargers
VinFast’s founder has announced a new arm called V-Green to build EV chargers, focused on bolstering global access while prioritizing sessions for VinFast drivers, accelerating the Vietnamese automaker’s expansion into new markets.
Just when you think VinFast has already spread itself too thin, it has announced yet another expensive venture into another key segment in electrification. The automotive arm of Vietnamese conglomerate VinGroup is a mere six years old and has only been building BEVs since 2021.
In those three short years, however, we’ve seen the young company introduce several all-electric models with more on the way, initially entering markets in Vietnam alongside expansions to North America, Europe, and beyond.
In addition to its original footprint near Hai Phong, VinFast is erecting EV production facilities in the US, Indonesia, and, most recently, India, all while establishing various partnerships with dealer networks to get its EVs in front of more and more consumers worldwide.
While the automaker fell short of its delivery targets in 2023, revenues rose. However, the company has seen its fair share of growing pains moving so quickly; it maintains plenty of financial runway thanks to its parent company and its affluent Chairman, Pham Nhat Vuong.
A key factor in swaying the masses toward EV adoption is easy access to dependable chargers, so naturally, VinFast will throw money at that segment as well.
VinFast introduces new V-Green line of EV chargers
Per an announcement from VinGroup Chairman and VinFast founder Vuong, the Vietnamese automaker has spun the new V-Green company out of its current charging station development division, funded by Mr. Vuong, who will hold a 90% stake.
V-Green will operate as a global partner to VinFast to develop and implement a worldwide network of EV chargers. The independent investment also gives VinFast more financial leeway to continue expansion into new markets while gaining infrastructural prowess, beginning in its native Vietnam.
In addition to taking over the operations and management of VinFast’s current charging network overseas, V-Green will invest 10 trillion VND (~$404 million) over the next two years to upgrade and expand it. Those chargers will be installed and made available exclusively to VinFast drivers in Vietnam. However, after about five years of operation, the company states it will be open to allowing other EVs to use its chargers. V-Green CEO Nguyen Duc Thanh spoke:
The decision by VinFast’s Founder to establish V-Green is a strategic step to globally support and promote VinFast’s sustainable development. Chairman Pham Nhat Vuong’s willingness to use his personal assets to support V-Green demonstrates this commitment. It reduces VinFast’s infrastructure investment needs and provides maximum support for the EV manufacturer’s rapid development. This affirms a strong determination to promote green transportation in Vietnam and worldwide.
Another goal of V-Green’s initial phase is to seek out land and potential partners worldwide to expand the pending network of VinFast branded chargers to critical markets. That strategy also includes potential partnerships with other established charging networks to offer access to its EV owners in different countries.
This year alone, VinFast is planning to expand to over 50 different territories worldwide.
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Stories we discuss in this episode (with links)
Why gas bikes just can’t compete with electric motorcycles in the summer
Tesla’s next-gen Dojo AI training tile is in production
The US just proposed 18 GW of new offshore wind sales
There’s a new trend making electric bike batteries safer
Toyota goes large on hydrogen with new US headquarters
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A fully-electric 10,000 ton container ship has begun service equipped with over 50,000 kWh in batteries
Chinese state-owned company COSCO Shipping has launched what it calls the “world’s largest” river-to-sea electric container ship. The Green Water 01 is a 10,000-ton+ fully electric vessel that sets a new benchmark in sustainability in the marine logistics industry.
China Ocean Shipping (Group) Company, or COSCO for short, is a state-owned multinational conglomerate headquartered in Shanghai specializing in marine transport. Not to be confused with Costco, COSCO Shipping was founded as a subsidiary in 2016 following an approved merger between COSCO and China Shipping.
The COSCO Group is the largest liner carrier in China, transporting hundreds of container vessels daily while also providing ships to Chinese automakers to help them export their electric vehicles to new markets overseas, including Europe.
To adapt to the times, COSCO has developed a massive, fully electric container ship, which has now officially begun service in China.
COSCO’s electric container ship begins service in China
According to a WeChat post from COSCO Shipping, which features reports from China’s CCTV, the company’s Green Water 01 electric container ship arrived safely and was berthed in the Port of Yangshan by the local maritime safety administration.
The Green Water 01 sails at a total length of 119.8 meters, a molded width of 23.6 meters, a molded depth of 9 meters, a design draft of 5.5 meters, and a maximum speed of 19.4 km/h (12 mph). COSCO Shipping says the Green Water 01 electric container ship presents multiple firsts for the marine industry, including total length, width, container capacity, deadweight tonnage (10,0000 tons), and battery capacity (50,000+ kWh).
Speaking of batteries, the electric container ship is powered by a large-capacity battery combining for over 50,000 kWh. However, COSCO says the number of battery modules can be configured depending on the length of the voyage at sea. For example, additional 20-foot battery boxes offering 1,600 kWh of electricity can be loaded onto the container for extra range.
This ship’s captain, Wang Jun, told CCTV that when the Green Water 01 is equipped with 24 battery boxes, the electric container ship can complete trips that consume 80,000 kWh of energy, equivalent to approximately 15 tons of fuel for a similar journey in a traditional container ship.
COSCO Shipping also shared that the new Green Water 01 can save 3,900 kg (8,600 pounds) of fuel for every 100 nautical miles traveled, cutting carbon dioxide emissions by 12.4 tons. Following the successful launch, the Green Water 01 has commenced weekly service between Shanghai and Nanjing.
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