Schedule a Call Back
VinFast chooses Tamil Nadu for global ev manufacturing hub in India
Industry News- Jan 08,24
Sources familiar with the matter revealed that the top management of VinFast, led by Chairman Ph?m Nh?t V??ng, is expected to visit India soon to finalise a Memorandum of Understanding (MOU) with the Tamil Nadu government.
VinFast Auto, an electric vehicle (EV) company based in Vietnam, is set to make its entry into the Indian market during the second half of this year. According to sources, the company plans to establish its vehicle manufacturing facility on a 400-acre site in Thoothukudi, Tamil Nadu, making India a key global manufacturing hub for VinFast.
Sources familiar with the matter revealed that the top management of VinFast, led by Chairman Ph?m Nh?t V??ng, is expected to visit India soon to finalise a Memorandum of Understanding (MOU) with the Tamil Nadu government. The MOU will pave the way for the construction of a mega manufacturing plant, encompassing a battery-making unit and a vehicle-manufacturing assembly line.
The investment for this facility is estimated to be around $2 billion, with a production capacity of 1.5 lakh units per annum. However, in the initial phase of manufacturing operations, the utilisation levels are anticipated to be less than one-third, as disclosed by a source.
Despite attempts to seek clarification from the VinFast spokesperson and Tamil Nadu Industry Minister TRB Rajaa, there has been no response as of the time of this report.
Puneet Gupta, Director of (India & ASEAN Automotive Sales Forecast) at S&P Global Mobility, highlighted that VinFast views India as a significant manufacturing hub aligned with its global strategy. This decision is driven by the increasing domestic demand for EVs in India, and the country can also serve as an export hub for neighboring markets, Gupta stated.
Source: Money Control
Related Stories
Policy Regulation
Can Academia-Industry Ties Power India’s Manufacturing?
India's industrial sector has exhibited tremendous resilience and appetite for growth. However, the academia-industry collaboration will be crucial for India to become a worldwide manufacturing powe..
Read moreAutomation & Robotics
Germany's Festo opens Rs 5 bn facility in Hosur, reinforces India commitment
The manufacturing facility, which will concentrate on the production of advanced pneumatic automation components, aims to cater to both domestic and global markets by delivering high-precision autom..
Read moreElectrical & Electronics
Tamil Nadu tops India in electronics exports with $14.65 billion in FY25
This marks a significant jump from $9.56 billion in FY24, reflecting the state’s growing dominance in a sector vital to India’s manufacturing ambitions.
Read moreRelated Products
Tata Motors unveils facilities for development of Hydrogen propulsion tech
AUTO COMPONENTS & ACCESSORIES
Tata Motors, India?s largest automobile company, unveiled two state-of-the-art & new-age R&D facilities for meeting its mission of offering sustainable mobility solutions. The unveilings constitute of Read more
Tata Motors plans petrol powertrain for Harrier and Safari SUVs
AUTO COMPONENTS & ACCESSORIES
Tata Motors is in the process of developing a new petrol powertrain for its premium sports utility vehicles, the Harrier and Safari, as confirmed by a senior company official. Currently, these models Read more
Electric Vehicle Charger
AUTO COMPONENTS & ACCESSORIES
RRT Electro is engaged in manufacturing of customized Power Electronic Products over two decades having capability to Design, Develop, Prototyping, Regulatory Compliance testing & Certification, Manuf Read more
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
