In Thoothukudi, Tamil Nadu, India, VinFast, a Vietnamese-based producer of electric vehicles, has begun construction on a new $500 million EV production facility. With a 400-acre footprint, the EV facility will serve the needs of South Asian, Middle Eastern, and African countries by producing up to 150,000 vehicles a year. It is located within the State Industries Promotion Corporation of Tamil Nadu (SIPCOT) industrial area.
Details of VinFast’s EV manufacturing facility
“VinFast’s groundbreaking ceremony for its plant in Thoothukudi, Tamil Nadu, is a significant stride towards sustainable and green mobility in India,” says Pham Sanh Chau, CEO of VinFast India. “Our dedication to green mobility, employment development, and strategic collaborations is demonstrated by the establishment of an integrated EV facility, which further reinforces the company’s position as a leading participant in the electric car market. This significant achievement demonstrates VinFast’s commitment to an emission-free transportation future and fortifies the ties between the two prosperous economies of Vietnam and India. It also paves the way for future innovation, economic expansion, and environmental sustainability in the area.”
The EV market in India has expanded quickly in recent years. An estimate by Bain and Company suggests that by 2030, electric vehicles (EVs) may represent over 40% of the nation’s car market and bring in over $100 billion in revenue. The project connects the planned future factories in the US and Indonesia with the current industrial complex in Vietnam. To reach customers throughout India, VinFast intends to build a national dealership network in addition to its manufacturing plants.
The business declared in January of this year that it will be constructing a new subsidiary plant in the Philippines. Vingroup Joint Stock Company, a Vietnam-based conglomerate with an emphasis on technology, industrial, real estate development, retail, and services ranging from hospitality to healthcare, is the parent company of VinFast, which was founded in 2017.
