VinFast to Invest $2 Billion in India for EV Production

The Vietnamese EV maker's investment includes an initial $500 million for a manufacturing facility in Tamil Nadu, expected to create 3,000–3,500 jobs.

• Vietnamese electric vehicle (EV) manufacturer VinFast plans to invest up to $2 billion in India, with an initial commitment of $500 million to establish an integrated facility in the southern state of Tamil Nadu.
• The facility, which is expected to start construction this year, will have an annual capacity of up to 150,000 units and is projected to generate 3,000–3,500 employment opportunities.
• VinFast also plans to develop a pan-India dealership network to cater to consumers in the world’s third-largest four-wheeler market.
• Despite facing financial challenges and criticism over quality and safety issues in its existing markets, VinFast is expanding its market by investing in India, which aims to have 30% electrification by 2030.
• VinFast's investment in India follows the company's recent leadership change, with founder and biggest backer, Pham Nhat Voung, being named as CEO.

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