VinFast Auto has officially announced the groundbreaking ceremony for its integrated electric vehicle (EV) manufacturing facility in Thoothukudi, Tamil Nadu. The construction is set to commence on February 25, 2024. This move comes shortly after VinFast and the Tamil Nadu government signed a Memorandum of Understanding (MoU) on January 6, 2024, outlining an intended investment of around Rs 425 crore for the first phase of the EV facility.
Groundbreaking Ceremony
VinFast will mark the beginning of construction at its EV manufacturing site in Tamil Nadu on February 25, 2024.
Investment Commitment
The MoU with the Tamil Nadu government outlines an investment of around Rs 425 crore for the initial phase of the integrated EV facility, spanning five years.
Job Opportunities
The project is expected to generate 3,000 to 3,500 local job opportunities contributing to employment in the region.
Annual Capacity
The Tamil Nadu facility aims to have an annual production capacity of up to 1,50,000 units at full throttle.
Export Program
Besides serving the Indian market, VinFast plans to use the facility for its export program, catering to South Asian, Middle Eastern, and African countries.
Green Transportation
The project aligns with India's focus on green transportation contributing to the target of having 30% of newly registered private cars as electric.
VinFast envisions the Tamil Nadu facility to become a leading hub for electric vehicle production in the region. The strategic move is part of VinFast's global expansion strategy tapping into the rapidly growing Indian EV market and leveraging the country's position as one of the world's fastest-growing major economies.
VinFast, having entered the US market is aiming to strengthen its competitive position in various markets including India and Indonesia with a sales target of 1,00,000 EVs in 2024. The commencement of construction marks a significant milestone in VinFast's pursuit of global expansion and establishing itself as a key player in the electric mobility sector.