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World News January 8, 2024

Vietnam’s VinFast to set up $500 million EV facilities in India

Vietnamese electric vehicle (EV) manufacturer VinFast has signed an agreement to establish its first manufacturing facilities in India, aiming to tap into the country’s sizable vehicle market. The agreement with the southern state of Tamil Nadu involves an investment of up to $2 billion, with an initial commitment of $500 million for the project’s first five years. The construction of EV and battery manufacturing plants is set to begin this year, creating 3,000 to 3,500 local jobs. VinFast plans to open its first Indian facility in Thoothukudi, Tamil Nadu, focusing on EV batteries. The project aims to become a prominent EV production hub in the region, with an annual capacity of up to 150,000 vehicles. India has set a target of achieving 30% electric car sales by 2030, and the Tamil Nadu government is supporting VinFast’s project by providing land, power supply, and other infrastructure.

Source – CGTN

Photo Credit – Reuters

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