Subscribe to our newsletter and stay informed

Check out our list of top companies

Check out our carefully compiled lists of the most relevant and impactful companies within their fields.

Check out our list of top unicorns

Read and learn about the biggest companies that various countries have produced, how they made it, and what the future looks like for them.
January 10, 2024

VinFast's $500 Million Overture in India and a UK Crescendo

VinFast plans to infuse a dynamic $500 million into India, crafting a facility in the third-largest automobile market

In a symphony of electric aspirations, Vietnamese EV manufacturer VinFast has played a resounding chord, announcing plans to invest a formidable $500 million in India. This strategic move sets the stage for the establishment of an integrated facility in Thoothukudi, Tamil Nadu, a state renowned as an automotive manufacturing hub hosting industry giants like BMW, Hyundai, and Renault-Nissan, along with prominent EV players like BYD, Ather Energy, and Ola Electric.

As VinFast prepares to hit the Indian roads, the facility, with an annual capacity of 150,000 units, is poised to create a harmonious employment cadence, offering 3,000 to 3,500 opportunities. This ambitious investment aligns seamlessly with VinFast's broader vision to tap into India's burgeoning EV market, positioning the company to thrive in one of the world's fastest-growing automotive sectors.

VinFast's strategic investment in India is not merely a financial note; it's a well-composed melody synchronizing with the growth tempo of India's EV landscape. The state government's commitment to providing essential support, from cleared land for manufacturing to uninterrupted power supply, underscores the collaborative spirit in nurturing this melodic venture.

VinFast aims to weave a pan-India dealership network, resonating with consumers in the world's third-largest four-wheeler market. The stage is set, the instruments are tuned, and VinFast is orchestrating its Indian symphony with precision and purpose.

But the harmony doesn't end there. VinFast's crescendo extends to the United Kingdom, where the company is amplifying its presence with strategic hires, including Andrew Pilkington, former head of Genesis UK, now serving as the Deputy CEO. With deliveries slated for later in 2024, VinFast's expansion echoes its commitment to becoming a global player in the electric vehicle orchestra.

Founded in 2017 by Pham Nhat Vuong, VinFast is composing a compelling electric symphony, unveiling plans to introduce 2 to 3 electric SUVs. The initial note, the VF e-34 crossover, is set to grace the Indian roads, and the company has grand designs to bring its VF6 and VF7 electric SUVs to the country.

The VF 8 mid-size SUV, boasting an impressive 471 km range on a full charge, takes center stage, while the VF 9, a 7-seat large SUV, is now available to order in European markets. VinFast's commitment to sustainable innovation is music to the ears of the automotive world.

As the overture unfolds, Dr. Thallikotai Raju Balu Rajaa, Minister of Industries of the Government of Tamil Nadu, applauds VinFast's choice to invest in the state, expressing confidence in the company's contribution to Tamil Nadu's long-term development.

In the grand finale of VinFast's symphony, the company emerges not just as an investor but as a composer of change, playing captivating notes in the electric mobility landscape. As the curtain falls on this announcement, the resonance of VinFast's electric melody reverberates—a promise of a harmonious future in the world of electric vehicles.

Josefina Dipaolo
Josefina Dipaolo
Content writer at TechNews180
Back to top

Related articles

chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram