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Vietnam’s electric vehicle giant Vinfast Auto on Sunday announced plans to set up an integrated electric vehicle facility in Tamil Nadu. The automaker has confirmed a commitment to invest $2 billion in the state as it aims to enter the world’s third-largest car market.
The company said in a statement that the company plans to make an initial investment of $500 million for the first phase of the project, which will span five years from the start date.
VinFast Auto said construction of the facility is targeted to begin this year. The project will have an annual production capacity of up to 150,000 units, the company added.
“VinFast plans to set up an EV vehicle and battery manufacturing facility in Tuticorin with an investment of $5,000.” INR16,000 billion. This is more than just an investment. This is a huge leap forward for the economic growth of southern Tamil Nadu,” Chief Minister MK Stalin wrote in a social media post.
The project is expected to create approximately 3,500 jobs in the area.
“The MoU demonstrates VinFast’s strong commitment to sustainable development and a future vision of zero-emission transportation,” PTI quoted Tran Mai Hoa, VinFast’s global deputy CEO Sales & Marketing, as saying. I told you.
“We believe that investing in Tamil Nadu will not only bring significant economic benefits to both parties, but will also help accelerate the transition to green energy in India and the region,” she said. added.
The state government is committed to providing vacant land for manufacturing facilities, uninterrupted power supply and other infrastructure support, the statement said.
“Great news for the South. Global EV major VinFast has confirmed its entry into India via TN. Defying expectations and speculation, VinFast is bringing EV vehicles to Tuticorin with a total investment of over $2 billion. We plan to establish a manufacturing plant for both batteries.” INR16,000 billion),” said Industry Minister TRB Raja.
“We are delighted that Vinfast has chosen to invest in Tamil Nadu to set up an integrated EV facility. We would like to thank our Chairman and the entire Vingroup family for believing in the infrastructure and talent pool of Tamil Nadu. Thank you,” he added.
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Published: January 7, 2024, 9:57 PM IST
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