Vietnam-based electric vehicle manufacturer VinFast has broken ground on a new $500m electric vehicle (EV) manufacturing facility in Thoothukudi, Tamil Nadu, India.
Spanning 400 acres within the State Industries Promotion Corporation of Tamil Nadu (SIPCOT) industrial estate, the EV plant is expected to produce up to 150,000 vehicles annually and will cater to export demands to South Asian, Middle Eastern, and African countries.
According to Pham Sanh Chau, Chief Executive Officer of VinFast India, “VinFast’s groundbreaking ceremony for its plant in Thoothukudi, Tamil Nadu, is a significant stride towards sustainable and green mobility in India. By establishing an integrated EV facility, the company’s commitment to job creation, green transportation, and strategic partnerships solidifies VinFast’s position as a major player in the electric vehicle industry. This milestone strengthens the bonds between the robust economies of Vietnam and India, and underscores VinFast’s dedication to a zero-emission transportation future, setting the stage for economic growth, innovation, and environmental sustainability in the region.”
India’s EV market has grown rapidly in the last few years. According to a Bain and Company report, EVs could account for more than 40% of the country’s automotive market while generating over $100bn in revenue by 2030.
The project joins the existing manufacturing complex in Vietnam and the proposed future plants in the United States and Indonesia. In addition to the manufacturing facilities, VinFast plans to establish a nationwide dealership network to connect with customers across India.
This year in January, the company announced plans to build a new subsidiary facility in the Philippines.
Established in 2017, VinFast is a subsidiary of Vingroup Joint Stock Company, a Vietnam-based conglomerate focusing on technology, industry, real estate development, retail and services ranging from healthcare to hospitality.
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