Vietnam's VinFast to build a $2 billion EV plant in India as part of its global expansion
abcnews.go.comVietnamese automaker VinFast plans to spend up to $2 billion to build an electric vehicle factory in India, the world's third-largest auto market by sales
HANOI, Vietnam — Vietnamese automaker VinFast says it plans to spend up to $2 billion to build an electric vehicle factory in India, the world’s third-largest auto market by sales.
The factory in southern India’s Tamil Nadu state will be the company’s first foray into India and follows VinFast's launch of sales in the United States and other major markets.
The plan highlights the company’s commitment to a “vision of a zero-emission transportation future,” Tran Mai Hoa, the company's deputy CEO of sales and marketing, said in a statement.
VinFast said it is committing $500 million in the first phase of construction and plans to transform the region around port city of Thootukudi into a “first-class electric vehicle production hub.” The factory will have a capacity to roll out 150,000 cars annually, it said. It gave few other details.
VinFast is part of Vingroup, a sprawling conglomerate that began as an instant noodle company in Ukraine in the 1990s that was founded and is run by Vietnam's richest man, Pham Nhat Vuong.
This will be VinFast's first foray into India and is part of a global expansion that has included exports of EVs to the United States. It is building a $4 billion EV factory in North Carolina, where production is slated to begin this year.
The company aims to be selling in 50 markets worldwide by the end of this year. In October, it said it plans to build a $400 million electric vehicle factory in Indonesia. It has started shipping EVs made in Vietnam to neighboring Laos to serve as a fleet for Green SM, an EV taxi operator that is mostly owned by
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