Tamilnadu Government MK Stalin on Sunday laid the foundation stone of Vietnamese EV manufacturer VinFast Auto’s vehicle and battery product facility.
VinFast is a major competitor of American electric vehicles (EV) maker Tesla, has invested Rs 16,000 crore rupees in State.
On the other side, Tesla is negotiating with the center to manufacture lower cost electric vehicles in India. They want to bring the parts of vehicles outside India. So, they want low cost import duty on their parts.
Vinfast started working to set up the plant within 50 days after the signing of a Memorandum of Understanding (MoU). The MoU was signed with the Tamilnadu Government during the Global Investors Meet held by the DMK-led dispensation in January.
‘With Rs 16,000 crore investments and 10,000-plus jobs on the horizon, we are charging ahead into a future where opportunity and innovation meet,’ Stalin said in a release.
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VinFast will also invest 4000 crore rupees in India within 5 years that will generate 3500 jobs additional in the Tuticorin region.
The capacity of this plant is more than 1.5 lakh electric vehicles annually. The companies you said,”‘By establishing an integrated electric vehicle facility, the company’s commitment to job creation, green transportation, and strategic partnerships solidifies VinFast’s position as a major player in the electric vehicle industry,”
VinFast wants to expand their plant globally. India is a big player in the electric vehicle market in the upcoming years. VinFast want to capture more and more market share in India.