In the southern Indian state of Tamil Nadu, VinFast, a manufacturer of electric vehicles based in Vietnam, is reportedly planning to establish its first production plant. The purpose of this facility will be to produce batteries.
One of the sources clarified that the company’s earlier announcement of plans to assemble vehicles sent in parts from Vietnam was distinct from the fact that the Thoothukudi plant will now produce batteries for electric vehicles.
In the first phase of the project, which will last for five years from the start date, VinFast and the State Government want to invest $500 million. The overall investment might reach $2 billion. According to a press release from the company, this marks a major milestone in VinFast’s strategy to expand into the third-largest automobile market globally.