VinFast Breaks Ground for EV Manufacturing Hub in Tamil Nadu
Friday, 23 February 2024, 11:31 IST
VinFast Auto is set to commence construction at its integrated electric vehicle (EV) manufacturing site in Thoothukudi, Tamil Nadu, on February 25, 2024. This marks a significant stride in the strategic partnership between VinFast and the Government of Tamil Nadu, focusing on advancing green transportation in India and the broader region.
The collaboration, initiated through a Memorandum of Understanding (MoU) on January 6, 2024, outlines a substantial commitment of USD 500 million for the first phase of the integrated EV facility over five years. This move aligns with VinFast's global expansion strategy, tapping into one of the world's fastest-growing major economies and its burgeoning EV market.
The groundbreaking ceremony follows the MoU announcement by just over a month, underscoring VinFast's swift execution in its global expansion plan. The integrated EV manufacturing facility in Tamil Nadu is anticipated to generate 3,000 to 3,500 local job opportunities.
Positioned to evolve into a premier electric vehicle production hub in the region, the VinFast Tamil Nadu project aims for an annual capacity of up to 150,000 units. The facility will cater to the Indian market, as well as South Asian, Middle Eastern, and African countries.
Beyond economic contributions, the project aligns with the green transportation agenda of the Indian government, targeting a 30% share of newly registered private cars to be electric. VinFast, Vietnam's leading electric vehicle manufacturer with global aspirations, emphasizes innovation and research as it strives to become a prominent global player in the electric vehicle industry, contributing to a sustainable future.
The collaboration, initiated through a Memorandum of Understanding (MoU) on January 6, 2024, outlines a substantial commitment of USD 500 million for the first phase of the integrated EV facility over five years. This move aligns with VinFast's global expansion strategy, tapping into one of the world's fastest-growing major economies and its burgeoning EV market.
The groundbreaking ceremony follows the MoU announcement by just over a month, underscoring VinFast's swift execution in its global expansion plan. The integrated EV manufacturing facility in Tamil Nadu is anticipated to generate 3,000 to 3,500 local job opportunities.
Positioned to evolve into a premier electric vehicle production hub in the region, the VinFast Tamil Nadu project aims for an annual capacity of up to 150,000 units. The facility will cater to the Indian market, as well as South Asian, Middle Eastern, and African countries.
Beyond economic contributions, the project aligns with the green transportation agenda of the Indian government, targeting a 30% share of newly registered private cars to be electric. VinFast, Vietnam's leading electric vehicle manufacturer with global aspirations, emphasizes innovation and research as it strives to become a prominent global player in the electric vehicle industry, contributing to a sustainable future.
