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VinFast, owned by Vietnamese billionaire Pham Nhat Vuong, announced over the weekend that it is investing as much as $2 billion to build an electric vehicle factory in India’s southern state of Tamil Nadu.
VinFast, in partnership with the Government of Tamil Nadu, announced that it will begin construction of the factory this year with an initial investment of $500 million in the first phase of the project. Once completed, the facility is expected to create up to 3,500 jobs and produce 150,000 EVs annually.
The company is building a $2 billion manufacturing facility in North Carolina as part of its global expansion, even as the loss-making automaker struggles to grow sales in the United States. The company is moving forward with its entry into the automobile market. The company also plans to build a factory in Indonesia.
The automaker, which last year began exporting cars to the United States and Europe from its only factory in Vietnam’s northeastern port city of Haiphong, said it also has plans to set up a nationwide dealership in Indonesia.
VinFast is reinforcing its global expansion plans as it reforms its top management, with Pham, founder and chairman of parent company Vingroup, replacing Le Thi Thu Thuy, who will become VinFast’s chairman. Becomes CEO of the company. The company also appointed Nguyen Thi Lan Anh as chief financial officer, replacing David Mansfield.
“With deep roots in automotive manufacturing, a growing sales network, and the support of a talented team, VinFast is now well positioned to accelerate its global expansion,” Tui said in a statement on Saturday. We have benefited from Mr. Pham’s leadership and business acumen as we grow, and I look forward to working with him and the rest of the management team in my new role to guide and support VinFast’s continued growth. Masu. ”
Pham, who has a net worth of $4.6 billion, is funding VinFast’s expansion plans to accelerate EV shipments across North America, Europe and Asia. The company was listed on the Nasdaq in August last year after merging with Black Spade Acquisition Company, a special purpose company backed by Hong Kong casino magnate Lawrence Ho.
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