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Vietnam's VinFast to set up $500 mln EV facilities in India

Reuters · 1y ago

Vietnam's VinFast to set up $500 mln EV facilities in India

Vietnamese electric vehicle (EV) maker VinFast has entered an agreement to establish its first manufacturing facilities in India with an investment of up to $2 billion. The project, in partnership with the state of Tamil Nadu, aims to start construction this year and generate 3,000 to 3,500 jobs locally. VinFast plans to make EV batteries in Thoothukudi, Tamil Nadu, and intends for the project to become a leading EV production hub in the region with an annual capacity of up to 150,000 vehicles. India is targeting 30% EV sales by 2030.

Related News

Vietnam’s EV firm VinFast to break ground for TN factory this Sunday

Thehindubusinessline

Thehindubusinessline · 1y ago

Vietnam’s EV firm VinFast to break ground for TN factory this Sunday

VinFast, the Vietnamese electric vehicle manufacturer, is set to begin construction on its new EV factory in Thoothukudi, Tamil Nadu. The $500 million investment in the facility will be completed in two phases over a five-year period, with plans to produce both two-wheelers and electric cars. The plant is expected to have an annual production capacity of up to 150,000 units and will serve markets in South Asia, the Middle East, and Africa. The project will create thousands of job opportunities and positions VinFast as a major player in the regional EV manufacturing industry.

Vietnam EV maker VinFast names founder as CEO, replaces CFO

Economic Times

Economic Times · 1y ago

Vietnam EV maker VinFast names founder as CEO, replaces CFO

Vietnamese EV maker VinFast has appointed its founder and biggest financial backer, Pham Nhat Vuong, as its new CEO. Vuong will oversee the company's global production, sales, and marketing as part of its ambitious overseas expansion plans. VinFast, which started manufacturing EVs in 2021, has received continuous financial support from Vuong, who is Vietnam's richest man. The company aims to reach the break-even point by the end of 2024. VinFast also appointed Nguyen Thi Lan Anh as its new CFO to replace David Mansfield.

VinFast hails India’s new EV policy, pledges $500 million

Thehindubusinessline

Thehindubusinessline · 1y ago

VinFast hails India’s new EV policy, pledges $500 million

Vietnamese electric vehicle manufacturer VinFast has expressed its support for India's new electric vehicle (EV) policy, stating that it will drive investments, enhance skills, and establish a strong supply chain. VinFast is planning to set up an integrated EV plant in Tamil Nadu, with an initial capacity of 50,000 vehicles per year. The Indian government's EV policy will allow companies that invest at least ₹4,150 crore to import a limited number of vehicles at reduced customs duties, in an effort to attract multinational companies and promote India as a manufacturing destination. Ola Electric CEO Bhavish Aggarwal also welcomed the policy, stating it will strengthen India's manufacturing ecosystem and move the country towards a greener future.

India cuts import taxes on EVs in win for Tesla's entry plans

TechCrunch · 1y ago

India cuts import taxes on EVs in win for Tesla's entry plans

India is set to reduce import taxes on certain electric vehicles (EVs) for companies that commit to investing at least $500 million and establishing local manufacturing within three years. This move could potentially support Tesla's plans to enter the Indian market. Under the policy change, companies meeting the investment and manufacturing requirements will be allowed to import 8,000 EVs each year at a reduced import duty of 15% on cars costing $35,000 and above. This aligns with India's goal to boost EV adoption and reduce oil imports. Other EV makers like VinFast and Lotus Cars are also eyeing India as a manufacturing hub.

Vietnam’s VinFast breaks ground for ₹4,000 cr EV factory in Tamil Nadu

Thehindubusinessline

Thehindubusinessline · 1y ago

Vietnam’s VinFast breaks ground for ₹4,000 cr EV factory in Tamil Nadu

Vietnamese electric vehicle (EV) manufacturer VinFast is set to invest INR 4,000 crore (approximately $538 million) in a new integrated EV manufacturing unit in Tamil Nadu, India. Construction has begun on the 400-acre site, which is expected to generate 3,000-3,500 jobs and have an annual capacity of 150,000 units. VinFast plans to produce electric cars and two-wheelers at the facility, catering to the Indian market as well as countries in South Asia, the Middle East, and Africa. The company has also requested a reduction in import duties on EVs.

Vietnam’s VinFast looks to start India EV operations in 2024

Livemint

Livemint · 1y ago

Vietnam’s VinFast looks to start India EV operations in 2024

Vietnamese electric vehicle (EV) maker VinFast plans to launch its two-wheelers and four-wheelers in India by the third quarter or second half of 2024. The company has conducted dealer 'clinics' with potential Indian partners and is expected to import vehicles as completely-built up units. VinFast aims to target a price range of ₹18-20 lakh for its initial import into India, though import duties may affect pricing. The company plans to initially focus on tier-1 cities before expanding to other areas. VinFast is actively hiring and establishing its leadership team in India.

VinFast opens second domestic EV factory amid global expansion - The Economic Times

Economic Times

Economic Times · 6d ago

VinFast opens second domestic EV factory amid global expansion - The Economic Times

Vietnamese electric vehicle manufacturer VinFast has commenced production at its second domestic factory in Ha Tinh province, aiming to increase output of its urban models. The new facility, covering 36 hectares, has an annual capacity of 200,000 units. VinFast, part of Vietnam's Vingroup, is striving for global expansion, facing obstacles like weaker demand and competition. Despite delays in launching U.S. operations, the company plans a million-vehicle annual production to meet global and domestic demand.

Wooing Tesla? Centre Lowers Import Duty On EVs To Boost Investments In India

Inc42 · 1y ago

Wooing Tesla? Centre Lowers Import Duty On EVs To Boost Investments In India

The Indian government has approved a new policy that offers reduced import duties on electric vehicles (EVs) for companies willing to set up manufacturing facilities in the country. Under the scheme, import duties on vehicles with a CIF value of $35,000 or more will be lowered to 15% for five years. Companies would need to invest at least INR 4,150 crore ($500 million) to avail of this benefit. The policy aims to promote EV manufacturing in India and address the demands made by Tesla. The new scheme is expected to facilitate Tesla's entry into the Indian market.

Founder of EV maker VinFast launches global charging stations venture

Economic Times

Economic Times · 1y ago

Founder of EV maker VinFast launches global charging stations venture

Billionaire Pham Nhat Vuong, the founder of Vietnamese electric vehicle (EV) manufacturer VinFast, has launched V-Green, an EV charging stations company. V-Green will prioritize supporting VinFast vehicles globally and plans to create a comprehensive charging network. In addition to Vietnam, V-Green will search for land and partners to expand its charging network in key markets for VinFast. The company will initially manage VinFast's existing charging network and consider extending services to other EV manufacturers after five years. Vuong intends to invest $404 million in new outlets and charging network upgrades over the next two years.

Vietnamese EV maker VinFast's third-quarter revenue more than doubles

Economic Times

Economic Times · 1y ago

Vietnamese EV maker VinFast's third-quarter revenue more than doubles

Vietnamese EV maker VinFast reported a significant increase of 159% in third-quarter revenue, attributed to higher car deliveries and partnerships with US dealers. The company plans to establish an assembly facility in India, taking advantage of the government's EV incentives. VinFast, backed by Vingroup, aims to expand its presence internationally, with India being its primary right-hand-drive market. The company experienced setbacks with a voluntary recall of its initial batch of vehicles delivered in the US but managed to deliver 10,027 EVs in Q3, resulting in a net loss of 15 trillion Vietnamese dong.

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