VinFast’s India entry: Tamil Nadu plant may start EV production by 2026
VinFast, the Vietnamese electric vehicle manufacturer, has unveiled an ambitious plan for launching its operations in India and has inked a memorandum of understanding (MoU) with the Tamil Nadu government to set up an integrated electrical vehicle plant in the state.
In a SEC filing in the US, VinFast has now stated that it will make an initial investment of $200 million to set up a plant in Tamil Nadu for completely knocked-down (CKD) assembly of electric vehicles with a capacity of 50,000 vehicles per annum.
The money for the plant will come from the planned optimisation of its capital expenditure in 2024 and 2025, which will help save over $400 million of cash. The company expects to have the India factory up and running by 2026.
