Zinger Key Points
- VinFast plans to open a battery production facility in Tamil Nadu, India.
- Green SM, an EV taxi operator primarily owned by VinFast's founder, is also planning to establish a presence in India.
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Vietnamese electric vehicle (EV) manufacturer VinFast Auto Ltd VFS is reportedly poised to open its first manufacturing facility in India.
Located in the city of Thoothukudi, in the southern state of Tamil Nadu, the facility represents a separate venture from VinFast's earlier plans to assemble vehicles shipped in parts from Vietnam, reported Reuters.
The new plant will focus on producing batteries for EVs, marking a significant move for the company in the Indian automotive market.
The specifics regarding the investment size and operational timeline remain undisclosed.
Recently, VinFast reportedly revealed plans for assembly factories in India and Indonesia, each with an initial capacity of up to 50,000 cars per year and a capital expenditure of around $200 million.
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Additionally, Green SM, an EV taxi operator primarily owned by VinFast's founder, is also planning to establish a presence in India, as per the report. Chennai, the capital city of Tamil Nadu, known as the "Detroit of Asia," already hosts several EV players.
Price Action: VFS shares traded lower by 0.02% at $7.05 on the last check Wednesday.
Also Read: Vietnamese EV Maker VinFast's New Journey: Inks Five Dealerships To Fuel Sales In US
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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