Tesla-rival VinFast to begin construction of its EV plant in India from Sunday

VinFast, EV maker from Vietnam, had earlier announced that it will invest more than ₹4,000 crore in India to set up EV and battery manufacturing faci
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Vinfast VF9 EV
Le Thi Thu Thuy, vice chairwoman of the Vingroup and VinFast Global CEO, poses by a VF9 electric SUV during the unveiling of a line of electric SUVs at CES 2022 at the Las Vegas Convention Center. The EV maker will start building its India facility from February 25, entering the country much ahead of its rival Tesla. (REUTERS)
Vinfast VF9 EV
Le Thi Thu Thuy, vice chairwoman of the Vingroup and VinFast Global CEO, poses by a VF9 electric SUV during the unveiling of a line of electric SUVs at CES 2022 at the Las Vegas Convention Center. The EV maker will start building its India facility from February 25, entering the country much ahead of its rival Tesla.

Vietnam-based EV maker VinFast is all set to begin construction of its first electric vehicle manufacturing facility in India. The EV maker has announced the ground breaking ceremony will take place on Sunday, February 25. The EV facility will come up in Tamil Nadu, at a place called Thoothukudi near the state capital Chennai. VinFast has recently said that it will invest over 4,000 crore to build its EV manufacturing facility in India, is the second major Asian EV brand to enter India after BYD.

The VinFast EV manufacturing facility in Tamil Nadu promises to provide jobs to around 3,500 people. The factory will initially have an annual capacity of around 150,000 electric vehicles every year. The investment, planned over the next five years, will focus on manufacturing EVs locally as well as produce EV batteries. VinFast will export its electric cars from India to other markets around the world.

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VinFast rivals the likes of Tesla in global markets. The EV maker is likely to have the first-mover advantage over the US-based electric car manufacturer that recently lost world's largest EV maker tag to Chinese auto giant BYD. VinFast is one of the newer players in the global EV race. Despite being based in a country that is not known for its auto industry, VinFast has emerged as one of the significant players in the EV sector around the world.

Also Read : Vietnam's Vinfast to establish EV facilities in Tamil Nadu, makes big promises

VinFast: The origin

VinFast was founded seven years ago by Pham Nhat Vuong, Vietnam's first billionaire. The EV maker has been manufacturing electric cars for the past three years. It took over a manufacturing facility from General Motors in Australia. The EV maker is also planning to set up a facility in Indonesia which is expected to start production from 2026. VinFast also started selling its EVs in United States from 2023 and opened its first dealership in the country recently. It is also establishing a manufacturing plant in North Carolina and is investing $4 billion in the country.

VinFast electric cars:

VinFast manufactures several electric vehicles that come across as models with striking design. It offers small electric cars like VF3 and VF4, as well as large electric SUVs like VF7 and VF9. The likes of VF6 and VF7 are sub-compact and compact SUVs, respectively, while VF8 is a mid-size SUV.

First Published Date: 23 Feb 2024, 09:48 AM IST
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