Tesla-rival VinFast to arrive in India by April 2024
What's the story
Vietnamese electric vehicle (EV) manufacturer VinFast is set to launch its first EV in India by April 2024, per ET Auto.
With plans to launch two to three electric models here, starting with the VF e-34 crossover, VinFast aims to rival EV giant Tesla in the Indian market.
The VF e-34 will likely be imported via the completely built-up (CBU) route, offering Indian consumers more choices in the fast-growing EV sector.
Details
Expanding line-up with locally assembled models
After the VF e-34, VinFast plans to introduce its VF6 and VF7 electric SUVs in India, with local assembly in the pipeline for these models.
This strategy will help the company cut costs and offer competitive pricing for its vehicles.
Besides these SUVs, VinFast intends to launch more models in the coming years, including a full-size sedan, to expand its presence in the Indian automotive market and cater to a broader customer base.
Specs
The VinFast VF8 has been spotted on test runs
The VinFast VF8 electric SUV was spied on in India for the first time in June 2022, giving a sneak peek of what's in store from the Vietnamese automaker.
The vehicle sports a dual-motor setup that delivers a combined power output of 397hp and 620Nm of torque.
With an estimated range of up to 471km per charge (WLTP cycle), the VF8 is poised to be a strong contender against other EVs in its class.
Insights
VinFast's plans for India
Vinfast wants to manufacture right-hand-drive models for the Indian market and has identified the country as its top market for the same configuration.
The firm has already started hiring people for its upcoming office in Gurugram.
The arrival of VinFast's line-up of cars will give Indian consumers more options when it comes to buying an electric vehicle.
Valuation
VinFast is 3rd most valuable carmaker in the world
With a market valuation of $191 billion, VinFast is the world's third most valuable automaker after Tesla and Toyota.
Following its Wall Street debut on August 15, its shares have surged by a whopping 700%.
In the US, the company has set a target of selling up to 50,000 vehicles this year. However, this figure is much lower than rival Tesla's projected 1.8 million deliveries.