VinFast Auto: Vietnamese company will sell electric cars in India! Gives competition to Tesla and BYD in the global market

Vietnamese electric vehicle manufacturer VinFast Auto is exploring potential locations for its upcoming manufacturing plant in India. The company is reported to have already reviewed two sites in Tamil Nadu, including an offer of land in the Manalur area north of Chennai and the southernmost district of Tuticorin. Come, let us know about the complete details revealed so far.

Amidst the ever increasing demand for electric cars in India, foreign EV manufacturing companies like Tesla and VinFast Auto want to start their business. According to a report in Economic Times, Vinfast is keen on Tamil Nadu and Gujarat as it needs a port. For this the company is preparing to invest about 200 million dollars.

The company has been emphasizing its intention to enter the growing electric vehicle (EV) market in both Indonesia and India, where EV adoption is relatively low. However, specific details regarding the location of the Indian plant and better investment aspects have not been disclosed.

Vinfast's strategy includes building completely knocked-down (CKD) facilities in Indonesia and India, facilitated by government incentives for local manufacturing, low tariffs and taxes and access to cost-effective raw materials.

VinFast Auto was founded in 2017 and is the EV arm of VinGroup, the largest private corporation from Vietnam. It is set to expand its presence with dealership networks in new market groups including India starting in 2024.

Despite being smaller in scale than Tesla, VinFast is aggressively pursuing the electric vehicle market and aims to challenge Tesla's dominant position in the United States, where Tesla has more than 50% of the market. Is.