Vietnam-based EV manufacturer Vinfast to establish its battery manufacturing unit in India
VinFast, a Vietnamese company that makes
electric vehicles
, is moving forward with plans to open its first EV battery manufacturing factory in India, according to Reuters news agency.According to three people with knowledge of the situation, cited in the paper, the electric vehicle (EV) industrial facility is planned to be located in Thoothukudi, in the southern state of Tamil Nadu.
The development of batteries intended for electric vehicles is reportedly the main emphasis of this industrial facility. It's important to note that this project differs from VinFast's previous intentions, which called for assembling vehicles using parts that were delivered from Vietnam.
VinFast, a vehicle manufacturer that competes with the likes of Tesla and China's BYD, has chosen not to comment on the development and has remained silent about it. The business did, however, issue a statement on Wednesday indicating that it will reveal the full scope of its intentions at "an appropriate time."
Citing a source who is a senior official directly involved in the case, Reuters reported "Many VinFast executives paid a visit to Thoothukudi district in Tamil Nadu to check out sites," on Tuesday.
According to another story by Reuters, VinFast started hiring in India for positions in sales, law, and back office, looking for those who "dare to think, dare to do, and dare to face difficulties."
The extent of the investment and the anticipated date of the Tamil Nadu VinFast factory's opening are still unknown. In October, VinFast announced that it will construct assembly plants in Indonesia and India, each capable of producing up to 50,000 vehicles annually and requiring an initial capital investment of up to $200 million. It also said that manufacturing will start in 2026. In addition, in October, Reuters also reported VinFast CEO Le Thi Thu Thuy’s intention to open Green SM, an EV taxi company mostly owned by VinFast's founder, in India, the third-largest automobile market in the world.