VinFast breaks ground on USD500M India electric vehicle factory  

Vietnam automaker VinFast announced it will officially commence construction on its integrated electric vehicle (EV) manufacturing facility in Tamil Nadu, India, on February 25th, 2024.

Just over a month after signing a preliminary deal outlining USD500 million Phase 1 investment over five years, the rapid progress affirms VinFast’s expedited global growth. The plant should create 3,000-3,500 local jobs toward the region’s green economy transition.

With potential full capacity reaching 150,000 EVs annually, it aims to satisfy domestic demand along with exports to nearby emerging markets hungry for affordable and sustainable mobility solutions.

“This facility not only meets Indian development goals but also serves export countries pursuing transport decarbonization,” said VinFast CEO Le Thi Thu Thuy. She added VinFast will apply relentless dedication toward leading EV innovations meeting climate commitments.

The Tamil Nadu government partnership centers on catalyzing local electric vehicle adoption, aiming for 30% of new private car registrations to be electric. The collaboration exemplifies coordinated public-private progress on economy-wide net zero alignment.

About VinFast

Founded in 2017, VinFast is Vietnam’s leading e-mobility manufacturer. It developed an extensive EV ecosystem spanning R&D, manufacturing and distribution to deliver products and ecosystem solutions throughout the customer vehicle lifestyle.