Monday , July 15 2024

VinFast to build integrated electric vehicle facility in Tamil Nadu

 

A bodyshop at VinFast Hai Phong manufacturing complex. – Photo courtesy of VinFast

HÀ NỘI — VinFast, Việt Nam’s leading electric vehicle (EV) manufacturer, and the Tamil Nadu State Government announce a landmark partnership in a Memorandum of Understanding (MoU) to change the development of green transportation in India. 

VinFast and the State Government will work toward a total investment of up to US$2 billion, with an intended commitment of $500 million for the first phase of the Project, spanning five years from the commencement date. This move indicates a significant step in VinFast’s expansion into the world’s third-largest vehicle market.

The plan to expand into India aims to seize growth opportunities in the world’s most populous nation and rapidly expand the EV market. This initiative forms a crucial part of VinFast’s strategy to establish a strong presence in key markets and strengthen its supply chain for global expansion.

Situated in Thoothukudi, the VinFast Tamil Nadu project aims to evolve into a first-class electric vehicle production hub in the region, with an annual capacity of up to 150,000 units. Construction of the plant is anticipated to begin in 2024. This project is set forth to lay a strong foundation for economic growth in Tamil Nadu and India as a whole. — VNS

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