VinFast to break ground at integrated electric vehicle facility in India
Tamil Nadu project the result of an MoU signed announced on January 6.
VinFast Auto has announced that it will break ground at its integrated electric vehicle (EV) manufacturing site in Thoothukudi city, Tamil Nadu, India, on February 25.
The move represents a significant step towards a strategic partnership between VinFast and the State Government, aimed at advancing the development of green transportation in India and in the region.
The partnership between VinFast and the Government of Tamil Nadu began with the signing of an MoU announced on January 6.
The collaboration aims towards an intended commitment of $500 million for the first phase of the integrated EV facility, spanning five years from the commencement date. This move is a significant milestone in VinFast’s global expansion strategy of venturing into one of the world’s fastest-growing major economies and its burgeoning EV market.
The breaking ground ceremony for the EV manufacturing plant just over a month after the announcement of the MoU with the State Government affirms VinFast’s strong determination and roll-out speed in its global expansion plan.
VinFast’s integrated EV manufacturing facility in Tamil Nadu is projected to create some 3,000 to 3,500 local job opportunities, demonstrating the company’s commitment to the State’s socio-economic development.
The VinFast Tamil Nadu project aims to develop into a first-class EV production hub in the region, with an annual capacity of up to 150,000 units at full capacity. The facility not only caters to development objectives in the Indian market but also serves export demands to South Asian, Middle Eastern, and African countries.
Additionally, the project will catalyze green transportation development, which is a key agenda item for the government of India and the states for curtailing carbon emissions in the transport sector, in which 30 per cent of newly-registered private cars targeted to be electric.
