Vietnam’s VinFast starts EV facility in India’s Tamil Nadu
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VinFast Auto Ltd., a Vietnamese car manufacturer, began building its electric vehicle (EV) factory in Tamil Nadu, southern India. The facility will cover 400 acres within the estate managed by the State Industries Promotion Corporation of Tamil Nadu.
The company aims to invest $500 million over five years and expects the factory to produce 150,000 vehicles annually.
The company mentioned that the plant will provide jobs for 3,000 to 3,500 local residents, per its statement.
In January, the automaker announced its agreement with the state to invest up to $2 billion for the facility.
Last month, VinFast reported delivering 13,513 cars in the fourth quarter, up 35% from the previous three months, totalling 34,855 cars in 2023.
By December 31, the company, supported by Vietnam’s wealthiest man, Pham Nhat Vuong, had sold a total of 42,291 electric vehicles.
Also read: US Treasury: Dealers reimbursed $135 million in EV tax credits
VinFast aims to deliver 100,000 cars this year, as stated in an email last Thursday. In October, the automaker sold 7,100 vehicles to GSM Green and Smart Mobility Joint Stock Co., a Vietnamese taxi company majority-owned by Vuong.
Despite a market slowdown, VinFast believes it can achieve its 100,000-unit target this year, with long-term prospects in countries like India and Indonesia, as mentioned by Vinfast Chairwoman Thuy in a Bloomberg TV interview.
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