Geely, Parent Company of Volvo, to Construct $170 Million Joint Factory in Vietnam

Geely, Volvo's parent company, to invest US$168 million in joint factory with Tasco Joint Stock Company in Vietnam. Construction of the assembly plant expected to commence in the first half of 2025, with vehicle deliveries projected for 2026. Geely's strategic partnership in Vietnam follows its acquisition of a stake in Malaysian automaker Proton and plans for a significant auto-making hub in Malaysia by 2035.

Credit: Geely

The joint venture agreement was formalized in Hanoi, with Geely contributing 36% of the total investment for the facility. Initially, the plant will produce vehicles under the Lynk & Co and Geely Auto brands. Tasco, a local construction and engineering firm, will cover the remaining costs of the project. Construction is scheduled to commence in the first half of 2025, with vehicle deliveries to local customers expected as early as 2026.

Geely has been strategically expanding its presence in Southeast Asia, having acquired a 49.9% stake in Malaysian automaker Proton from conglomerate DRB-HICOM Bhd in 2017. The company is also collaborating with Proton to develop an auto-making hub in west Malaysia, aiming to achieve an annual production capacity of 500,000 vehicles by 2035.

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• Geely, Volvo's parent company, to invest US$168 million in joint factory with Tasco Joint Stock Company in Vietnam

• Construction of the assembly plant expected to commence in the first half of 2025, with vehicle deliveries projected for 2026

• Geely's strategic partnership in Vietnam follows its acquisition of a stake in Malaysian automaker Proton and plans for a significant auto-making hub in Malaysia by 2035

Source: TECHNODE