VinFast begins shopping for land to drive into the EV market in India
VinFast Auto is evaluating potential sites for its planned manufacturing facility and has already reviewed two locations in Tamil Nadu, people aware of the developments told ET.
Touted as a rival to iconic EV maker Tesla, the auto company has been shown land in the Manalur region north of Chennai as well as in one of the state’s southernmost districts Tuticorin, according to sources who said that VinFast was also set to evaluate plots in Gujarat shortly.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisitIndian School of BusinessISB Professional Certificate in Product ManagementVisit“VinFast has been keen on Tamil Nadu and Gujarat as it needs a port. Tamil Nadu is an advantageous option for the company owing to the state’s East-West connection,” said one of the people cited above.
India a Market with ‘Tremendous Potential’: VinFast
The company, which had confirmed its intent to establish a manufacturing facility in India earlier this month, will invest about $200 million with an aim to start assembling vehicles by 2026 in what it has termed as a market with “tremendous potential”.
ET had reported on September 28 that VinFast was evaluating both Tamil Nadu and Gujarat to set up its manufacturing facility and was in discussions on the matter.
The Vietnamese company had temporarily become the world’s third-most valuable carmaker in August following its listing on Nasdaq.
Queries sent to VinFast remained unanswered until press time.
In its most recent post-earnings call with analysts, VinFast said that in addition to Indonesia, it has identified India as
