TAMIL NADU, INDIA – Media OutReach Newswire – February 21, 2024 – VinFast Auto announced that it will break ground on its integrated electric vehicle (EV) manufacturing facility in Thoothukudi city, Tamil Nadu on February 25, 2024. The move represents an important step towards a strategic partnership between VinFast and the Government of the state aimed at advancing the development of green transport in India and the region.
The partnership between VinFast and the Government of Tamil Nadu, which began with the signing of a Memorandum of Understanding (MoU) announced on January 6, 2024. The collaboration targets a planned commitment of $500 million for the first phase of the integrated installation of electric vehicles, extending over five years from the start date. The move is an important step in VinFast’s global expansion strategy to venture into one of the world’s fastest-growing major economies and its booming electric vehicle market.
The inauguration ceremony of the electric vehicle manufacturing plant a little over a month after the announcement of the MoU with the state government confirms the strong determination of VinFast and the speed of deployment of its global expansion plan.
VinFast’s integrated electric vehicle manufacturing plant in Tamil Nadu is expected to generate approximately 3,000-3,500 local employment opportunities, demonstrating the company’s commitment to the socio-economic development of the state.
The VinFast Tamil Nadu project aims to become a premier electric vehicle production hub in the region, with an annual capacity of up to 150,000 units at full capacity. This facility not only meets the Indian market development objectives but also meets the export demands to South Asian, Middle East and African countries.
Additionally, the project will catalyze the development of green transport, which is a key program of the Government of India and the states to reduce carbon emissions in the transport sector, by aiming for 30% of newly registered private cars to be electric.
As Vietnam’s leading electric vehicle manufacturer with global aspirations, VinFast’s relentless dedication to innovation and research propels the company towards its goal of being a global leader in the electric vehicle industry and its commitment to for a sustainable future for all.
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