VinFast, the Vietnamese electric vehicle (EV) manufacturer, has revealed plans to hold the groundbreaking ceremony for its new facility in India on February 25, 2024. The factory location is in Thoothukudi, Tamil Nadu. The company plans to generate 3,000-3,500 employment opportunities within the region. This establishment is part of an agreement (MoU) that VinFast has entered into with the government of Tamil Nadu. The expected total investment is $2 billion (approximately Rs 16,638 crore), with an initial investment of USD 500 million (approximately Rs 4,160 crore) for the first five years.
VinFast’s Expansion Plans in India
The annual capacity of the new plant will be 150,000 vehicles. The vehicles produced at the plant will be sold in the Indian market and exported to international markets, including South Asia, the Middle East, and Africa.
Opportunities in the Indian EV Industry
The Indian electric vehicle industry has experienced significant development in recent years. As per a report by Bain and Company, EVs account for more than 40% of the automotive market in India and generate revenue exceeding US$100 billion by 2030.
VinFast’s Global Expansion Efforts
VinFast is expanding its presence in India and making significant strides in its global expansion. Recently, the company introduced its cars in Indonesia, marking a significant milestone in its expansion efforts. Furthermore, VinFast has held productive discussions with Ferdinand Marcos Jr., the president of the Philippines, and plans to commence operations in the country later this year.
VinFast’s Product Lineup and Future Offerings
VinFast has a global lineup that includes the VF9, VF8, VF7, and VF6 models, and it is highly probable that some of these will be made available in the Indian market. The company has already started delivering the VF9 and VF8 models worldwide, and the remaining two models will get introduced soon. Also, VinFast unveiled the VF3, a micro-SUV, and a brand-new concept electric pickup truck at CES 2024.
