Asia Tech Wire (Sep 24) -- Chinese automaker Geely and Tasco on Monday signed an agreement to set up a joint venture for an automobile assembly plant in Vietnam's Thai Binh province with a total investment of about $168 million.

The plant will have an initial annual capacity of 75,000 units and will assemble models under the Lynk & Co and Geely Auto brands, with the possibility of expanding to other brands in the future.

The plant is due to break ground in the first half of 2025 and to deliver its first models in early 2026.

Tasco and Geely will also establish an automotive research and development center under their agreement. Tasco Auto, a subsidiary of Tasco, will become the official dealer for Geely Auto brands.