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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
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