- VinFast Auto to build EV facility in Tamil Nadu, forming strategic partnership with the state government.
- $500 million investment in 5 years, signalling VinFast’s entry into India’s growing EV market.
- Project creates jobs, positions Tamil Nadu as EV hub, aligns with India’s green goals, showcasing VinFast’s commitment.
VinFast Auto is setting up its $500 million EV facility in India
VinFast Auto is breaking ground on its integrated EV manufacturing facility in Thoothukudi City, Tamil Nadu, on February 25, 2024. This move follows a strategic partnership forged between VinFast and the Government of Tamil Nadu.
The project involves a $500 million investment in the initial phase of the facility over the next five years. This development underscores VinFast’s ambitious push into one of the globe’s fastest-growing economies and its surging EV market.
The integrated EV manufacturing facility in Tamil Nadu will generate 3,000 to 3,500 local job opportunities. With an annual production capacity of up to 150,000 units, the facility will be a premier EV production hub. It will cater to export demands in South Asian, Middle Eastern, and African countries.
In addition to economic contributions, the project aligns with India’s green transportation goals, targeting a 30% integration of electric cars among newly registered private vehicles. VinFast’s commitment dovetails with this objective, offering support to the government’s efforts to curb carbon emissions in the transport sector.
Beyond the financial and environmental implications, VinFast’s foray into India mirrors the broader evolution of the automotive landscape, representing a shift towards sustainable practices. As the leading EV manufacturer in Vietnam, VinFast is on a global growth trajectory.
