(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
©2024 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
