VinFast Initiates Construction of EV Manufacturing Plant in India

VinFast Auto has officially announced the commencement of construction at its integrated electric vehicle (EV) manufacturing site in Thoothukudi, Tamil Nadu, starting February 25, 2024. This move follows the signing of a Memorandum of Understanding (MoU) with the government of Tamil Nadu on January 6, 2024, signaling VinFast’s commitment to invest approximately Rs 425 crore in the project’s first phase over five years.
The new facility is expected to create 3,000 to 3,500 local job opportunities and aims to become a leading electric vehicle production hub in the region, with an annual capacity of up to 150,000 units at full throttle. Additionally, it will support VinFast’s export program for South Asian, Middle Eastern, and African markets, contributing to green transportation development and aligning with India’s carbon emission reduction targets. VinFast’s ambitious expansion plan also includes targeting sales of 100,000 EVs in 2024 and strengthening its presence in markets like India and Indonesia.