- Thursday, December 26, 2024
VinFast, which competes with the likes of Tesla and China’s BYD, said in a statement on Wednesday that it would come up with details about its plans at “an appropriate time”.
By: Shubham Ghosh
VINFAST, an electric vehicle (EV)-maker from Vietnam, is gearing up to inaugurate its initial manufacturing facility in India. The plant, located in the southern state of Tamil Nadu, will be primarily dedicated to the production of batteries for EVs, according to three individuals with knowledge of the situation, Reuters reported.
Notably, the battery manufacturing initiative in the city of Thoothukudi in the southern state is distinct from VinFast’s earlier declarations about assembling vehicles using parts shipped from Vietnam.
VinFast, which competes with the likes of Tesla and China’s BYD, said in a statement on Wednesday that it would come up with details about its plans at “an appropriate time”, the report added.
Read: Electric vehicles more harmful for environment than conventional ones, says India’s IIT Kanpur study
Two sources told the news outlet that an announcement by the company on the new plant is expected in days to come.
“Several VinFast officials have visited Thoothukudi district in Tamil Nadu to check out sites,” a senior official directly involved in the matter, said on Tuesday (2), the Reuters report added.
Read: Why electric vehicles still not a hot cake in India, world’s third-largest auto market
In September, Reuters reported that VinFast gad started recruiting for sales, legal and back office jobs in India, looking for candidates who “dare to think, dare to do, and dare to face difficulties.”
In October, the Vietnamese company had said it would make assembly factories in countries such as India and Indonesia, with each of them capable of dealing with 50,000 units a year and capital expenditure of up to $200 million initially.
It said production will commence in 2026.
VinFast CEO Le Thi Thu Thuy also told Reuters in October that Green SM, an EV taxi operator mostly owned by VinFast’s founder, also has plans to establish in India, the world’s third-largest automotive market.
VinFast is also open to bringing both e-scooters and e-cars to India, one of the sources said.
(With Reuters inputs)
