VinFast to break ground for integrated EV facility in India
VinFast Auto, the electric vehicle (EV) arm of Vietnamese conglomerate Vingroup, will break ground on its integrated manufacturing project in Thoothukudi city, Tamil Nadu, India this Sunday.
The move represents a significant step towards a strategic partnership between VinFast and the state government that aims to advance the development of green transportation in India and the region, the automobile manufacturer said in a release.
The VinFast auto manufacturing complex in Hai Phong city, northern Vietnam. Photo courtesy of the company.
The partnership between VinFast and the government of Tamil Nadu, which began from the signing of a memorandum of understanding (MoU) on January 6, aims toward an intended commitment of $500 million for the first phase of the integrated EV facility, spanning five years from the commencement date.
This move is a significant milestone in VinFast's global expansion strategy of venturing into one of the world's fastest growing major economies and its burgeoning EV market, according to the company.
The groundbreaking ceremony took place just over a month after the announcement of the MoU with the state government affirming VinFast's strong determination for its global expansion plan.
VinFast’s integrated EV manufacturing facility in Tamil Nadu is projected to offer 3,000-3,500 local job opportunities, demonstrating its commitment to the state’s socio-economic development.
The VinFast Tamil Nadu project aims to develop into a first-class EV production hub in the region, with an annual capacity of up to 150,000 units. The facility will not only cater to development objectives in the Indian market, but also exports to South Asian, Middle Eastern and African countries.
It will also catalyze green transportation development which is a key agenda by the government of India and the state to curtail carbon emissions in the transport sector, targeting 30% of newly registered private cars to be electric.
As Vietnam’s leading EV manufacturer with global aspirations, VinFast's relentless dedication to innovation and research is pushing the company towards its goal of being a global leader in the EV industry.
The company delivered 34,855 EVs around the world in 2023, according to a filing with U.S.-based stock exchange Nasdaq. The year’s total included 13,513 units delivered in the last quarter of 2023, up 35% over the previous quarter.
However, the number of deliveries in 2023 fell short of the target due to slow EV adaptation in some regions amid economic headwinds, VinFast said.
From 2021 when it made its first delivery to end-2023, the manufacturer delivered 42,291 EVs globally.
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