Vinfast will enter India’s EV market: Company buying land in Tamil Nadu, aiming to start assembling vehicles by 2026
Vietnamese electric vehicle manufacturing company Vinfast is planning to enter India’s EV market. For this, the company has reviewed two locations in Tamil Nadu, where it wants to buy land to set up a manufacturing facility.
Economics Times has given information about this in one of its reports. Vinfast is keen to set up a manufacturing facility in Tamil Nadu as well as Gujarat. The company needs a port in Gujarat.
Company will invest around Rs 1668 crore
According to the report, Vinfast aims to start assembling vehicles in India by 2026. For this the company will invest 200 million dollars (about Rs 1668 crore).
The company will meet the demand for EV in India and Indonesia
Le Thi Thu Thwe, Managing Director and Global CEO of Vinfast, said on October 5, “We hope to participate in the growth in EV demand in Indonesia and India, where electric vehicle penetration is still very low.” ‘
Company planning to develop dealership network
VinFast, established in 2017, recently said that in the next phase of development starting from 2024, we are planning to develop a dealership network, which includes India and other countries.
Vinfast was the third most valuable company in the world in August.
Vinfast temporarily became the world’s third most valuable company after listing on Nasdaq in August. According to the report, VinFast wants to compete with Elon Musk’s EV company Tesla.
