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VINFAST'S $500M INVESTMENT FOR FIRST EV MANUFACTURING UNIT IN INDIA
The Business Guardian
|January 08, 2024
VinFast's $2 billion electric vehicle plant in Thoothukudi, Tamil Nadu, aims to generate economic and sustainable transportation prospects in India
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VinFast, Vietnam's leading electric vehicle (EV) manufacturer and the Tamil Nadu State Government announced a Memorandum of Understanding (MoU) on Saturday, through which both players will invest around $2 billion, with an intended commitment of $500 million for the first phase of the project, spanning five years. Situated in Thoothukudi, the VinFast Tamil Nadu project aims to evolve into a first-class electric vehicle production hub in the region, with an annual capacity of up to 150,000 units.
The plan to expand into India aims to seize growth opportunities in the world's most populous nation and rapidly expanding electric vehicle market. This initiative forms a crucial part of VinFast's strategy to establish a strong presence in key markets and strengthen its supply chain for global expansion.
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