Vietnamese electric vehicle (EV) maker VinFast is set to enter the Indian market with locally assembled models, ditching its previous plans of selling only imported cars in the country.
The shift in the company’s strategy for the Indian market comes after the fast-paced opening up of a manufacturing unit in Tamil Nadu, reported The Economic Times.
The EV maker’s new plant is expected to become operational in the first half of next year.
According to Economic Times, VinFast is expected to launch its first locally assembled EV during the 2025 festive season with prices ranging from Rs 25-30 lakh, placing it in the premium affordable segment of India’s rapidly developing EV market. The cars are expected to offer a driving range between 300 and 500 km.
The company is confident that local assembly and competitive pricing will allow it to attain a peak capacity of 50,000 units in its first year of operation.
VinFast plans to invest USD 500 million (approx. Rs 4,150 crore) over the next five years to build a manufacturing unit near Chennai in Thoothukudi.
As stated in its Memorandum of Understanding (MoU) with the Tamil Nadu government, the 400-acre facility will employ 3,000-3,500 workers and will have an annual production capacity of 150,000 units.
The Vietnamese EV maker is expected to formally announce its plans for India at the Bharat Mobility Global Expo, scheduled between January 17 and 22, 2025.
VinFast is considered a strong competitor to Elon Musk’s Tesla in the global EV market.
Last month, one of the brand’s global models, the VF e34 was spotted testing on the Indian roads. The VF e34 is powered by an electric motor that produces 148 bhp of max power and 242 Nm of peak torque. It also comes with three driving modes i.e. Eco, Comfort and Sport.
The EV is equipped with a 41.9 kWh battery pack that can deliver a climbed range of 318 km. The VF e34 can be juiced from 10 to 70 per cent in just 27 minutes using a DC fast charger.
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