Vietnam’s VinFast to set up US$500 million EV facilities in India
Founded in 2017 and making EVs since 2021, VinFast has announced numerous EV growth plans overseas. The company made its Nasdaq debut in August and first flagged its Indian expansion plans a month later.
Tamil Nadu’s capital, Chennai, dubbed the Detroit of Asia, and other districts host several EV players, including Indian two-wheeler makers Ola Electric and Ather, and China’s BYD.
VinFast said the Tamil Nadu project was expected to evolve into a first-class EV production hub in the region, with an annual capacity of up to 150,000 vehicles, compared with 250,000 at its main plant in Vietnam. The joint statement did not specify the capacity of the battery facility.
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Electric models accounted for just around 2 per cent of India’s car sales last year, but the national government is targeting 30 per cent by 2030 and is working on a scheme to attract EV makers.
The Tamil Nadu government committed to providing cleared land for the manufacturing facilities, uninterrupted power supply and other infrastructure support, the statement said.
VinFast has said it also plans a nationwide dealership network.