Written by Kitai Twitter YouTube Instagram
The Vietnamese base company VinFast breaks ground on a new EV factory in India and it's projected with a max capacity of 150K units annually, this will directly create 3,500 jobs. This factory is set to join the company's current manufacturing portfolio which includes its facilities in Vietnam.
The Company will develop its infrastructure across India with a nationwide dealership network to fulfil its obligations.
The factory will span 400 acres, and the vehicles to be produced will be exported to South Asia, West Asia, and Africa.
The demands for EVs are growing rapidly, which will account for 40% of the country's automotive market, this could result in $100bn in revenue by 2023. The U.S. is of growing interest to VinFast and the brand promises to establish future plants in the U.S. and Indonesia.
Vingroup which is the parent company of VinFast also plans to establish a subsidiary facility in the Philippines, Vingroup's portfolio of brands goes far beyond electric vehicles, the company is known for finding success in the technology space along with real estate, retail, and healthcare. VinFast is a technological company that sold a whopping 72K electric scooters in Vietnam last year 2023.
The new expansion for this brand has an impressive investment of $500m for an expansive 5 years of future-proofing.
Credi: VinFast
YouTube channel
Thank you for reading Twitter - Instagram
Member discussion