Vietnamese automaker VinFast announced on January 6 its intention to invest $2 billion in establishing an electric vehicle (EV) plant in Tamil Nadu, potentially aiming to secure a strategic position in the Indian market.
According to a media release, the company has joined into a memorandum of understanding (MoU) with the Tamil Nadu government for the establishment of the EV facility in Thoothukudi.
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VinFast specified in the statement that it, along with the state government, will collaborate to achieve a total investment of up to $2 billion. The initial phase of the scheme, spanning five years from the commencement date, is expected to involve a commitment of $500 million. The Haiphong-based EV manufacturer provided this information in the release.
