In exciting news for India’s electric vehicle (EV) industry, Vietnamese company VinFast is set to open a new car assembly plant in Tamil Nadu by June 2025. The company is investing $2 billion (around ₹16,700 crore) to build this factory, which will be able to produce 150,000 electric cars every year.
VinFast’s decision to set up in India comes as it shifts its focus to Asia. High taxes and shipping costs in the United States have made it challenging for the company to grow there, so it’s now betting big on countries like India and Indonesia, where it also plans to build a factory.
The Tamil Nadu plant is great news for the local economy. It’s expected to create 3,000 to 3,500 jobs, giving a boost to workers in the area. The factory will also support India’s “Make-in-India” program, which encourages companies to manufacture products in the country. Plus, VinFast will benefit from government subsidies under the FAME II scheme, which helps promote electric vehicles in India.
This move is a big step for VinFast as it aims to become a major player in the global EV market. It’s also a win for India, as more electric cars made locally could mean cleaner air and more affordable EVs for everyone.
Stay tuned for more updates as VinFast gears up to start production next year!