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

ThehindubusinesslineThehindubusinessline · 8m
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.

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