- VinFast is investing $500 million in an EV factory in India.
- The facility in Tamil Nadu will have 150,000 units capacity annually.
- This aligns with India’s surging electric vehicle market.
VinFast ventures into India with $500 million EV manufacturing
Electric vehicle manufacturer VinFast has announced plans to construct a new manufacturing facility in India, representing a $500 million investment in the country’s growing EV market.
On February 25th, VinFast will officially break ground on the integrated electric vehicle factory located in the state of Tamil Nadu.
For the factory’s first phase, spanning five years from its launch, the Vietnam-based company intends to become a premier EV production hub with an annual capacity of up to 150,000 units.
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Indian EV facility to generate thousands of jobs
VinFast signed a memorandum of understanding with the local government last month to build the facility, which is expected to create 3,000 to 3,500 new jobs for residents.
Beyond the domestic Indian market, VinFast plans to export EVs produced at the Tamil Nadu plant throughout South Asia, the Middle East, and Africa.
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India’s electric vehicle boom
This expansion aligns with VinFast’s global growth strategy, which includes recently debuting vehicles in Indonesia and upcoming launches in the Philippines this year.
India’s EV market has seen rapid growth in recent years, with estimates that electric vehicles could account for over 40% of the country’s auto sales and generate more than $100 billion in revenue annually by 2030.
VinFast’s new factory positions the company to capitalize on this increasing demand.
You can also read the original story in its entirety on https://www.techinasia.com/vinfast-build-500m-ev-factory-india
