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Tesla rival VinFast to set up its 1st EV manufacturing in India, to invest $2 Billion

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പുതിയൊരു ഇ.വി ഭീമൻകൂടി ഇന്ത്യയിലേക്ക്​; ഇത്തവണ വരവ്​ വിയറ്റ്​നാമിൽ നിന്ന്​  | Now, Tesla rival VinFast looks to make in India | Madhyamam
  1. VinFast, the Vietnamese electric vehicle (EV) manufacturer, signed an agreement with Tamil Nadu, India, to establish its inaugural manufacturing facilities in the country.
  2. The investment commitment for the project stands at up to $2 billion, with an initial $500 million allocation for the first five years of operation.
  3. The manufacturing plants for EVs and batteries are set to commence construction this year and are projected to generate 3,000 to 3,500 local job opportunities.
  4. The Indian manufacturing unit will initially focus on producing EV batteries and is anticipated to evolve into a hub capable of manufacturing up to 150,000 vehicles annually.
  5. This initiative aligns with India’s aspirations for electric mobility, targeting a 30% market share by 2030, with the government actively seeking to entice EV manufacturers through favorable policies.
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