VinFast, the Vietnam-based electric vehicle manufacturer, is expected to kickstart construction work for its greenfield EV factory at Thoothukudi in southern Tamil Nadu, more than a month after signing an agreement with the State government.
VinFast has proposed to invest $500 million in the first phase of the integrated EV facility, spanning five years from the commencement date.
It is gathered that the company is planning to produce both electric two-wheelers and electric cars out of its upcoming new factory, according to industry sources.
The groundbreaking ceremony of the EV manufacturing plant, just over a month after the announcement of the MoU with the State Government, affirms VinFast’s strong determination and roll-out speed in its global expansion plan, the company said.
The proposed EV manufacturing facility in Tamil Nadu is expected to have an annual capacity of up to 1,50,000 units in its full capacity. This facility will not only cater to the Indian market but will also serve countries in South Asia, the Middle East, and Africa. The project will create job opportunities for 3,000-3,500 people.
The Vietnamese firm has set out a vision to become a leading regional electric vehicle manufacturing hub with its upcoming India factory.