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VinFast and Renesas Sign Strategic Partnership to Advance Automobile Technology
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
partnership
Rhea-AI Summary
VinFast, Vietnam’s first global EV manufacturer, has expanded its collaboration with Renesas Electronics to enhance automotive technology development for electric vehicles. The agreement, signed in Haiphong, will see Renesas supply VinFast with a broader range of semiconductor products, including microcontrollers and power semiconductors. This partnership aims to accelerate VinFast's EV development and market growth, enabling the company to boost annual production and sales.
Positive
Expanded collaboration with Renesas for enhanced automotive technology.
Access to advanced semiconductor solutions to accelerate EV development.
Potential for increased production and sales of VinFast EVs.
Negative
None.
HANOI, Vietnam & TOKYO--(BUSINESS WIRE)--
VinFast, Vietnam’s first global EV maker, and Renesas Electronics Corporation (TSE: 6723), a premier supplier of advanced semiconductor solutions, today announced that the two companies are expanding their collaboration agreement to include automotive technology development of electric vehicles (EVs) and delivery of system components. The signing ceremony of the strategic collaboration was held at VinFast’s factory in Haiphong City, Vietnam earlier this month, which was attended by VinFast’s CEO, Le Thi Thu Thuy and Renesas’ CEO, Hidetoshi Shibata.
As part of the newly expanded agreement, Renesas will provide a broader range of products to VinFast, which will include SoCs, microcontrollers, analog and power semiconductors. Renesas will also provide technical support to assist VinFast in developing future automotive applications and mobility services.
By gaining access to Renesas' leading-edge technologies and expertise in the automotive industry, VinFast will accelerate the development of new EVs and market expansion with the aim to aggressively increase its annual production and sales.
The two companies will regularly share product development roadmaps, market trends and requirements, project implementation progress as well as new cooperation opportunities.
“VinFast is on a course of market expansion worldwide and mass production to ensure the highest vehicle performance and timely delivery to customers” said Le Thi Thu Thuy, Vice Chairwoman of Vingroup and Global CEO of VinFast. “This new partnership with Renesas will give VinFast access to both advanced in-vehicle semiconductor technology as well as high-level system expertise, with the aim to accelerate the development of safe and sophisticated EVs for global markets.”
“We are committed to supporting the local industry in Vietnam through talent development and business expansion. Since founding our design center in Ho Chi Minh City in 2004, we have continued to expand our presence in Vietnam. We also established a second design center in Da Nang this April,” said Hidetoshi Shibata, President and CEO of Renesas. “The collaboration with VinFast reinforces our commitment. We are thrilled to join VinFast’s journey for their global growth beyond Vietnam. By making EVs more widely available, I am convinced we can lead a greener, safer, and more sustainable way of living.”
VinFast and Renesas have previously collaborated on automotive infotainment systems, and Renesas’ SoCs (System-on-Chips), R-Car, and analog products have already been implemented in VinFast's new VF8 and VF9 EV models.
About VinFast
VinFast – a member of Vingroup – envisioned to drive the movement of global smart electric vehicle revolution. Established in 2017, VinFast owns a state-of-the-art automotive manufacturing complex with globally leading scalability that boasts up to 90% automation in Hai Phong, Vietnam. Strongly committed to the mission for a sustainable future for everyone, VinFast constantly innovates to bring high-quality products, advanced smart services, seamless customer experiences, and pricing strategy for all to inspire global customers to jointly create a future of smart mobility and a sustainable planet. Learn more at: https://vinfastauto.us.
About Vingroup
Established in 1993, Vingroup is one of the leading private conglomerates in the region, with a total capitalization of $35 billion USD from three publicly traded companies (as of November 4, 2021). Vingroup currently focuses on three main areas: Technology and Industry, Services and Social Enterprise. Find out more at: https://www.vingroup.net/en.
About Renesas Electronics Corporation
Renesas Electronics Corporation (TSE: 6723) empowers a safer, smarter and more sustainable future where technology helps make our lives easier. A leading global provider of microcontrollers, Renesas combines our expertise in embedded processing, analog, power and connectivity to deliver complete semiconductor solutions. These Winning Combinations accelerate time to market for automotive, industrial, infrastructure and IoT applications, enabling billions of connected, intelligent devices that enhance the way people work and live. Learn more at renesas.com. Follow us on LinkedIn, Facebook, Twitter, YouTube and Instagram.
All names of products or services mentioned in this press release are trademarks or registered trademarks of their respective owners.
