Vietnameses VinFast Auto to set up a battery manufacturing plant in Tamil Nadu

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Vietnamese's VinFast Auto to set up a battery manufacturing plant in Tamil Nadu

In Reports
12:21 PM, Jan 04, 2024
Myind Staff

VinFast, the Vietnamese electric vehicle manufacturer, is set to inaugurate its first car and battery manufacturing facility in India's Thoothukudi, district of Tamil Nadu with an investment totalling hundreds of millions of dollars.

According to sources, the company aims to manufacture batteries for electric vehicles (EVs) at this plant, distinct from its previous declaration regarding the assembly of vehicles using parts shipped from Vietnam. VinFast, which competes with carmakers such as Tesla and China's BYD, declined to comment. An announcement by the company on the new plant is expected in the coming days, two people said.

VinFast said in a statement on Wednesday that it would reveal details of its plans at “an appropriate time”.

A spokesperson for the Tamil Nadu government did not immediately respond to a request for comment.

“Several VinFast officials have visited Thoothukudi district in Tamil Nadu to check out sites,” another source, a senior official directly involved in the matter, said on Tuesday.

In September, Reuters reported that VinFast had initiated the recruitment process for sales, legal, and back-office positions in India.

The specific details regarding the magnitude of the investment and the timeline for the operationalization of a VinFast factory in Tamil Nadu are not clear at this time.

Chennai, often referred to as the Detroit of Asia, along with other districts in Tamil Nadu, is already home to several electric vehicle (EV) manufacturers. Notable players in the EV sector, such as Indian two-wheeler manufacturers Ola Electric and Ather, along with China's BYD, have established their presence in the region. Initially, VinFast had intentions to acquire the Ford plant in Chennai. However, the deal did not materialize as Ford was unwilling to give up the accompanying land.

In October, VinFast announced plans to establish assembly factories in both India and Indonesia. These facilities are anticipated to have a production capacity of up to 50,000 cars per year, with an initial capital expenditure of up to $200 million. It added production will commence in 2026.

According to the sources, VinFast is also open to bringing both e-scooters and e-cars to India.

Image source: Reuters

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