Earlier Reported, SGI, Which Supplies Magnets To Vietnamese EV Maker VinFast And Korea's Hyundai Motor, Told Reuters It Is Investing $80M In Its New Vietnam Factory With Production Starting In 2024
Portfolio Pulse from Happy Mohamed
SGI, a supplier of magnets to Vietnamese EV maker VinFast and Korea's Hyundai Motor, is investing $80 million in a new factory in Vietnam, with production starting in 2024. The move is seen as a countermeasure against potential Chinese trade restrictions and supply uncertainty. The new plant will nearly double SGI's current output.
August 22, 2023 | 2:48 pm
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SGI, a supplier to Hyundai Motor, is investing in a new factory in Vietnam, which could ensure a stable supply of magnets for the automaker.
SGI's investment in a new factory could ensure a stable supply of magnets for Hyundai Motor, which could be beneficial for the company's production.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
SGI, a supplier to VinFast, is investing in a new factory in Vietnam, which could ensure a stable supply of magnets for the EV maker.
SGI's investment in a new factory could ensure a stable supply of magnets for VinFast, which could be beneficial for the company's production.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70