It is also in talks with Taiwanese partner Prologium for producing solid-state batteries, which are said to have higher energy density than the popular lithium-ion batteries and lower risk of explosion or fire, a company spokesperson said recently.

Solid-state batteries, however, currently cost more than lithium-ion batteries.

VinFast has not provided details about its discussions with the two companies, but Monday reiterated a vision to become a global electric vehicle brand by announcing a partnership with China’s Gotion High-Tech for producing lithium iron phosphate (LFP) batteries.

LFP is iron-based and not dependent on scarce raw materials like cobalt and nickel. Thus, while less energy-dense than nickel-based chemistries, LFP batteries are much cheaper.

VinFast is set to deliver its first electric cars by the end of this year.