VinFast US$500m Investment in Indian EV Manufacturing
Vietnamese electric vehicle manufacturer VinFast has announced new plans for its Indian facility, including a US$500m investment.
VinFast has already signed a memorandum of understanding with the government in Tamil Nadu, India, where the facility is located. It is hoped that the new factory will create up to 3,500 jobs for residents across the state.
VinFast’s EV manufacturing in India
VinFast was founded in 2017 and is a member of Vingroup, the largest private enterprise in Vietnam. The company builds electric Sedans and SUVs, as well as electric scooters.
VinFast featured as one of our ‘Top 10 EV Industry Startups Driving Automotive innovation’.
Read it here.
VinFast’s CEO, Pham Nhat Vuong, used to work in real estate before taking on the electric vehicle sector.
“We want to bring better products to Vietnam,” said Vuong, after his appointment as CEO.
Now, VinFast is bringing its popular products to the rest of the world, through its manufacturing site in India. EVs made at the first-class EV production hub in Tamil Nadu will be exported across South Asia, the Middle East and Africa. VinFast plans to have an annual capacity of up to 150,000 units. By 2030, there will be an estimated EV production value of US$40bn.
VinFast’s electric cars in Indonesia
At the Indonesia International Motor Show (IIMS) 2024, VinFast Auto signed a Letter of Intent with five Indonesian dealers, which will strengthen VinFast’s distribution network across all major cities in Indonesia.
Indonesian dealers will start selling the VF 5, VF e34, VF 6, and VF 7 models later this year following their official launches in the market.
"VinFast is delighted to partner with leading automotive dealers in Indonesia to bring local customers modern, exciting, and eco-friendly mobility solutions,” said Tran Quoc Huy, VinFast Indonesia CEO. “We believe these agreements pave the way for a strong development foundation for VinFast and its partners, while also unlocking boundless opportunities for the local and regional sustainable transportation industry."
The Indonesian and Indian factories will have a total capacity of up to 50,000 cars a year, in each facility.
In North Carolina, USA, VinFast’s US$4bn Chatham County factory will be finished by 2025. The company plans to build 150,000 vehicles every year, providing 7,500 local jobs.
Vinfast is also planning to expand its presence in the UK and will begin delivering vehicles later in 2024.
*******************
Make sure you check out the latest edition of EV Magazine and also sign up to our global conference series - Sustainability LIVE 2024.
*******************
EV is a BizClik brand.