The groundbreaking ceremony of the EV manufacturing plant in Thoothukudi will take place just over a month after the announcement of VinFast’s MoU with the Tamil Nadu government.
23 Feb 2024 | 7268 Views | By Autocar Pro News Desk
VinFast Auto has, in an official communication, announced that it will break ground at its integrated electric vehicle (EV) manufacturing site in Thoothukudi City, Tamil Nadu on February 25, 2024.
On January 6, 2024, VinFast and the government of Tamil Nadusigned a Memorandum of Understanding (MoU). The collaboration ...
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VinFast Auto has, in an official communication, announced that it will break ground at its integrated electric vehicle (EV) manufacturing site in Thoothukudi City, Tamil Nadu on February 25, 2024.
On January 6, 2024, VinFast and the government of Tamil Nadu signed a Memorandum of Understanding (MoU). The collaboration aims toward 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 groundbreaking ceremony of the EV manufacturing plant just over a month after the announcement of the MoU with the Tamil Nadu government affirms VinFast's strong determination and rollout speed in its global expansion plan.
VinFast’s integrated EV manufacturing facility in Tamil Nadu is projected to generate about 3,000 to 3,500 local job opportunities. The VinFast Tamil Nadu project aims to develop into a top-notch electric vehicle production hub in the region, with an annual capacity of up to 150,000 units in its full capacity. This facility will not only cater to development objectives in the Indian market, but also serve VinFast's export programme in South Asian, Middle Eastern and African countries.
Additionally, the project will catalyze green transportation development which is key agenda for the government of India and the States of curtailing carbon emissions in the transport sector, targeting 30% of newly registered private cars to be electric.
Meanwhile, VinFast which announced its fourth-quarter and full calendar-year 2023 results yesterday, has targeted sales of 100,000 EVs in 2024. Having entered the US market, it is looking to strengthen its ability to compete effectively in other markets to build scale, especially untapped, volume-driven markets like India and Indonesia.
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