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Vietnamese carmaker VinFast Plans First EV Factory In India
VinFast, the country’s first homegrown car manufacturer, is also looking to break into markets overseas and bring international EV giants such as Tesla head-on with an investment of $2 billion, writes AFP. An initial allotment of $500 million is earmarked for the first 5 years of the project, with production slated to start in a plant located in TEDA (Tamil Nadu) this year. This venture will facilitate the assembly or up to 150,000 electric vehicles annully and reportedly employ up to 3,500 locals.
Meanwhile M.K. Stalin, the TEDA Chief Minister, welcomed the deal, claiming the initiative was a “great leap in the industrial development” of the state.
First published on 08/24/20
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