Geely and Tasco to Build $168 Million Joint Auto Factory in Vietnam
Chinese automaker Geely, the parent company of Volvo, has signed a joint venture agreement with Vietnamese partner Tasco Joint Stock Company to construct a new automobile assembly plant in Vietnam. The facility, representing a total investment of approximately $168 million, is designed with an annual production capacity of 75,000 vehicles. Under the terms of the deal, Geely will contribute 36% of the total investment, while Tasco, a local construction and engineering firm, will cover the remaining costs. Initial production at the plant will focus on vehicles under the Lynk & Co and Geely Auto brands. Construction is scheduled to commence in the first half of 2025, with vehicle deliveries to local customers expected to begin as early as 2026. This strategic move expands Geely's footprint in Southeast Asia, building upon its established presence in the region since acquiring a significant stake in Malaysian automaker Proton in 2017. The expansion aligns with Geely's broader regional strategy, which includes developing a major auto-making hub in Malaysia aimed at reaching an annual capacity of 500,000 vehicles by 2035.
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Geely and Tasco to Build $168 Million Joint Auto Factory in Vietnam
Chinese automaker Geely, the parent company of Volvo, has signed a joint venture agreement with Vietnamese partner Tasco Joint Stock Company to construct a new automobile assembly plant in Vietnam. The facility, representing a total investment of approximately $168 million, is designed with an annual production capacity of 75,000 vehicles. Under the terms of the deal, Geely will contribute 36% of the total investment, while Tasco, a local construction and engineering firm, will cover the remaining costs. Initial production at the plant will focus on vehicles under the Lynk & Co and Geely Auto brands. Construction is scheduled to commence in the first half of 2025, with vehicle deliveries to local customers expected to begin as early as 2026. This strategic move expands Geely's footprint in Southeast Asia, building upon its established presence in the region since acquiring a significant stake in Malaysian automaker Proton in 2017. The expansion aligns with Geely's broader regional strategy, which includes developing a major auto-making hub in Malaysia aimed at reaching an annual capacity of 500,000 vehicles by 2035.
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