VinFast to break grounds of its EV Manufacturing plant in India
VinFast to break grounds of its EV Manufacturing plant in India

VinFast to break grounds of its EV Manufacturing plant in India

February 23, 2024
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Vietnam-based EV maker VinFast Auto is poised to mark a significant milestone as the company will break ground at its integrated electric vehicle (EV) manufacturing site in Thoothukudi City, Tamil Nadu, on February 25, 2024. EV Manufacturing plant in India, The initiation of construction closely follows the Memorandum of Under,standing (MoU) inked between VinFast and the government of Tamil Nadu on January 6, 2024. This collaborative agreement outlines a committed investment of $500 million for the first phase of the integrated EV facility over five years.
Let’s delve into the key information to be known about this crucial move of Vinfast:

 

Local Job Opportunities and Production Hub:

VinFast’s integrated EV manufacturing facility in Tamil Nadu is expected to create approximately 3,000 to 3,500 local job opportunities, positioning itself as a prominent electric vehicle production hub in the region.EV Manufacturing plant in India, With a projected annual capacity of up to 150,000 units, the facility not only contributes to the development objectives in the Indian market but also supports VinFast’s export program in South Asian, Middle Eastern, and African countries.

Green Transportation Agenda and Sales Targets:

The project’s significance extends beyond economic contributions, aligning with India’s green transportation agenda. The government’s ambitious target of having 30% of newly registered private cars as electric vehicles align with VinFast’s commitment to sustainability. As revealed in its fourth-quarter and full calendar-year 2023 results, VinFast has set an ambitious sales target of 100,000 EVs in 2024, marking its entry into the US market and further positioning itself in untapped, volume-driven markets, particularly in India and Indonesia.

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