VinFast invests US $500 million in India's First Integrated Electric Vehicle Facility
VinFast, a leading Vietnamese electric vehicle (EV) manufacturer, celebrated a major milestone by breaking ground on its first integrated EV manufacturing facility in India. Located in Thoothukudi, Tamil Nadu, the project signifies VinFast's commitment to global green transportation and is expected to create significant economic benefits for the region.
In the news release, VinFast highlighted the following:
- Investment and Job Creation: The $500 million facility will have an annual production capacity of 150,000 vehicles, generating employment opportunities for approximately 3,500 local residents.
- Localization and Partnerships: VinFast plans to partner with leading global suppliers while promoting local manufacturing and fostering economic growth in Tamil Nadu.
- Sustainable Mobility: This project aligns with India's push for zero-emission transportation and strengthens the relationship between Vietnam and India in this critical sector.
- Global Expansion: The Indian facility complements VinFast's operations in Vietnam and future plants planned for the US and Indonesia, solidifying their global manufacturing footprint.
- Customer Focus: In addition to manufacturing, VinFast will establish a nationwide dealership network to provide Indian consumers with premium electric vehicles, competitive pricing, and exceptional after-sales service.
Quotes:
- Mr. Pham Sanh Chau, CEO of VinFast India: "This groundbreaking ceremony is a significant stride towards sustainable and green mobility in India. VinFast is committed to job creation, green transportation, and strategic partnerships, solidifying our position as a major player in the EV industry."
- Honourable Minister Dr. T. R. B. Rajaa: "VinFast's entry reaffirms Tamil Nadu's role as a global automotive hub. We are committed to making zero-emission mobility accessible and believe this project will contribute to local economic advancement."
VinFast's entry into the Indian market positions them as a key player in the country's rapidly growing EV sector. By prioritizing job creation, localization, and customer service, VinFast is well-positioned to contribute to India's sustainable transportation future.
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Date of record
24 February 2024
