Vietnam’s VinFast Starts Building EV Plant In India’s Tamil Nadu

Vietnamese automaker VinFast Auto Ltd. broke ground on its integrated electric-vehicle manufacturing facility in India’s southern state of Tamil Nadu.

Anup Roy

26 Feb 2024, 04:08 PM IST

VinFast LLC's EV VF8 vehicles bound for shipment at the port in Haiphong, Vietnam, on Friday, Nov. 25, 2022. VinFast, which said in July that it had signed agreements with banks to raise at least $4 billion to help its US expansion, has about 73,000 global reservations for its EVs, according to the company. It has secured about $1.2 billion in incentives for its planned EV factory in North Carolina, where it intends to start production in 2024, according to the auto manufacturer. Photographer: Linh Pham/Bloomberg

(Bloomberg) --

Vietnamese automaker VinFast Auto Ltd. broke ground on its integrated electric-vehicle manufacturing facility in India’s southern state of Tamil Nadu.

The facility will span 400 acres within the estate of the State Industries Promotion Corporation of Tamil Nadu, the company said in a statement Sunday.

The company plans to initially invest $500 million over five years for the site, which has a projected capacity of 150,000 vehicles annually, according to the statement.

The plant will create jobs for 3,000 to 3,500 local people, the company said in a statement.

In January, the automaker disclosed its agreement with the state to invest as much as $2 billion for the facility.

More stories like this are available on bloomberg.com

Vietnam’s VinFast Starts Building EV Plant In India’s Tamil Nadu

Vietnamese automaker VinFast Auto Ltd. broke ground on its integrated electric-vehicle manufacturing facility in India’s southern state of Tamil Nadu.

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