Tesla-rival VinFast plans EV battery plant in India
What's the story
Vietnamese electric vehicle (EV) manufacturer VinFast is planning to set up its first Indian manufacturing facility in Tamil Nadu, specifically in the city of Thoothukudi.
According to sources cited by Reuters, this plant will produce batteries for EVs, separate from VinFast's earlier plans to assemble vehicles from parts shipped from Vietnam.
While the company has not yet confirmed these plans, it has stated that it will reveal more information at "an appropriate time."
Details
Details awaited on VinFast's India expansion
This move by VinFast comes as India experiences a growing demand for electric vehicles and their components.
Although details about the manufacturing facility are still scarce, VinFast's entry into the Indian market signals its intention to compete with established players like Tesla and China's BYD in the country's burgeoning EV sector.
The Tamil Nadu government has not yet commented on the matter.