VinFast, a Vietnamese electric car manufacturer, has revealed its plans to establish an electric vehicle (EV) unit in India. The company aims to invest USD 150 million to USD 200 million in India to set up a completely knocked down (CKD) assembly unit. The facility is projected to begin operations by 2026 and will have the capacity to produce around 50,000 cars per year during its initial phase.
The automaker aims to capitalise on the fast-growing EV market in India, where the penetration rate is currently only 1 per cent.
The Indian government has launched a scheme to boost the production of automobiles and electric vehicles in the country. This has made India an attractive market for global electric car makers, who see an opportunity to capture a significant share of the market. Currently, companies like Tata, Mahindra, Hyundai, and Ola Electric sell electric cars in India. Tesla has also announced plans to enter the Indian market.
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