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VinFast Auto explores Indian manufacturing, eyes entry into EV market
Industry News- Oct 19,23
VinFast Auto proceeds with this investment plan, it would mark a significant milestone as the first Vietnamese automaker to establish a presence in India.
VinFast Auto, the Vietnam-based electric vehicle manufacturer often hailed as Tesla's competitor, is reportedly considering establishing a manufacturing facility in India. The company, which recently gained recognition as the world's third most valuable carmaker, is in preliminary talks to potentially set up the plant in either Gujarat or Tamil Nadu.
While the discussions are in early stages, sources suggest that VinFast Auto is enthusiastic about entering the Indian market. However, it remains uncertain whether the company intends to focus on exports or cater exclusively to the domestic market with the new production unit.
If VinFast Auto proceeds with this investment plan, it would mark a significant milestone as the first Vietnamese automaker to establish a presence in India. The company achieved this remarkable position after its valuation soared to approximately $85 billion, surpassing that of established American automaker Ford, following its successful Nasdaq debut. In the second quarter, VinFast Auto experienced substantial growth, with revenue increasing by 131.2% to $327 million. Despite a net loss of $526.7 million in the same period, the company narrowed its losses by 8.2% compared to the previous year.
Supported by Vietnam's wealthiest individual, Pham Nhat Vuong, VinFast had sold a total of 18,700 electric vehicles by June 30, primarily in the domestic market. Notably, the company delivered its first vehicles to the United States earlier in the year and is set to introduce its electric vehicles to Europe in the upcoming fourth quarter.
Source: Mint
VinFast Auto
Indian manufacturing unit
electric vehicles
market entry
Tesla rival
Vietnam-based carmaker
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