Vietnamese Company “VinFast” Plans to Build First Electric Car Factory in India

The Vietnamese car manufacturing company, VinFast, announced that it will build its first electric vehicle factory in India as part of a $2 billion investment, as the group aims to expand in the fast-growing market.

The factory will be located in Tamil Nadu state (south), according to the statement by “Veen Fast” which stated that there is an initial commitment of $500 million for the first five years of the project.

The first local car manufacturing company hopes to compete with giant automobile groups in the production of electric cars, such as “Tesla,” and aims to enter global markets.

The company stated in the statement that “The Veen Fast Tamil Nadu project aims to transform into a center for the production of first-class electric cars in the region, with an annual production capacity of up to 150,000 units.”

It is expected that the construction of the factory will commence this year and it will provide up to 3500 local job opportunities.

The Chief Minister of Tamil Nadu, M.K. Stalin, welcomed this agreement, stating in a post on social media that it is a “major leap in the industrial development of the country.” (AFP)