VinFast to build its EVs in Tamil Nadu; plans to invest $2 billion

VinFast also plans to set up its dealership network across India.

Vietnam-based EV maker VinFast has said it plans to build an "integrated EV facility" in Tamil Nadu. The company recently signed a Memorandum of Understanding (MoU) with the state government to set up a manufacturing unit in Thoothukudi.

VinFast will be investing up to US$2 billion in the Indian unit over 5 years and has committed US$500 million for the first phase of the project. 

Construction on the new facility will commence in 2024. Once completed, the factory will have an annual production capacity of 1,50,000 units. It is expected to generate around 3,000-3,500 jobs. VinFast also plans to set up its dealership network across India. 

The Tesla-rivaling EV maker is looking to introduce 2-3 electric SUVs starting with the VF e-34 crossover. It is likely to be imported via the CBU route. The company also plans to bring its VF6 and VF7 electric SUVs to India. 

Source: ET Auto