Vietnamese Automaker Picks India For Asia Hub

Benzinga

Vietnam’s VinFast began production Monday at a $500 million electric vehicle factory in Tamil Nadu, India, according to AP. The automaker's new plant marks the first phase of a $2 billion Asia expansion, set to produce 50,000 EVs annually with plans to triple output and become a regional export hub. VinFast chose Tamil Nadu after scouting 15 sites in six states, citing strong infrastructure and access to skilled labor. India’s push for domestic EV manufacturing, high import duties, and incentives for local production favor newcomers like VinFast over Chinese rivals. The company aims to compete with market leaders Tata Motors and Mahindra by offering affordable SUV models and plans to open 32 dealerships across 27 cities.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02Vietnam's VinFast began production Monday at a $500 million electric vehicle facility in Tamil Nadu, India, according to the AP.

00:09Automaker's new plant marks the first phase of a $2 billion Asia expansion,

00:13set to produce 50,000 EVs annually, with plans to triple output and become a regional export hub.

00:19VinFast chose Tamil Nadu after scouting 15 sites in six states,

00:23citing strong infrastructure and access to skilled labor.

00:25India's push for domestic EV manufacturing, high import duties, and incentives for local production

00:30favor newcomers like VinFast over Chinese rivals.

00:34The company aims to compete with market leaders Tata Motors and Mahindra by offering affordable SUV models,

00:39plans to open 32 dealerships across 27 cities.

00:42For all things money, visit Benzinga.com.

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