VinFast Ventures into India's EV Market with Premium SUVs

Vietnamese electric vehicle maker VinFast is set to enter the Indian market with two premium electric SUVs to compete with local and Chinese rivals. The company aims to contribute to India's climate goals and plans to invest $500 million in building a production facility and infrastructure over the next five years.

Vietnamese electric vehicle manufacturer VinFast is making a strategic entry into the Indian market with its premium electric SUV models, the VF6 and VF7, challenging established players like Mahindra & Mahindra and China's BYD.

To bolster India's eco-friendly transportation initiatives, VinFast is set to invest $500 million to construct a car and battery manufacturing facility in Tamil Nadu and expand its model lineup. This plant, initially capable of producing 50,000 cars annually, is designed to scale up based on demand.

Nasdaq-listed VinFast, primarily focused on North America and Vietnam, is seeking to broaden its market presence despite facing significant financial losses as global EV demand wanes. The automaker is negotiating for lower import taxes on fully built EVs to facilitate its Indian market entry.

(With inputs from agencies.)