Financial News
VinFast to break ground for its integrated electric vehicle facility in Tamil Nadu, India
February 21, 2024 at 09:00 AM EST
The partnership between VinFast and the Government of Tamil Nadu, which began from the signed Memorandum of Understanding (MoU) announced on January 6, 2024. The collaboration aims toward an intended commitment of USD 500 million for the first phase of the integrated EV facility, spanning five years from the commencement date. This move is a significant milestone in VinFast's global expansion strategy of venturing into one of the world's fastest growing major economies and its burgeoning EV market.
The groundbreaking ceremony of the EV manufacturing plant just over a month after the announcement of the MoU with the State Government affirms VinFast's strong determination and roll-out speed in its global expansion plan.
VinFast's integrated EV manufacturing facility in Tamil Nadu is projected to churn out about 3,000 to 3,500 local job opportunities, demonstrate the company's commitment to the State's socio-economic development.
The VinFast Tamil Nadu project aims to develop into a first-class electric vehicle production hub in the region, with an annual capacity of up to 150,000 units in its full capacity. This facility not only caters development objectives in the Indian market, but also serves export demands to South Asian, Middle Eastern and African countries.
Additionally, the project will catalyze green transportation development which is key agenda for the government of India and the States of curtailing carbon emissions in the transport sector, targeting 30% of newly registered private cars to be electric.
As Vietnam's leading electric vehicle manufacturer with global aspirations, VinFast's relentless dedication to innovation and research propels the Company towards its goal of being a global leader in the electric vehicle industry and its commitment to a sustainable future for all.
Hashtag: #VinFast
http://www.vinfastauto.com/The issuer is solely responsible for the content of this announcement.
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