nihalshaikh9881
VinFast Auto Ltd. is planning to set up a battery manufacturing plant in the southern Indian state of Tamil Nadu this year, according to a person familiar with the matter.
The person, who asked not to be named as the information is still private, didn’t give details about the value of the investment. The factory will be located in the city of Thoothukudi, the person said.
A VinFast spokesperson declined to comment on the information, saying the company will reveal details of its plans “at the appropriate time.”
VinFast last year said it planned to set up an EV factory in India with an investment of $150 million to $200 million in the first phase. The South Asian plant will have an initial capacity of about 50,000 vehicles per year, with production expected to commence by 2026, the company said.
VinFast — which is constructing a $2 billion manufacturing complex in North Carolina and plans a factory in Indonesia — seeks to aggressively move into Southeast Asian markets and expects to eventually raise “a lot of capital” to fuel its global expansion plans, Chief Executive Officer Le Thi Thu Thuy said in an interview with Bloomberg TV in October last year.
The company, which went public in the US in August by merging with blank-check company Black Spade Acquisition Co., reported a wider loss in the third quarter.
VinFast began selling EVs in the US in 2023 and said it planned its first European deliveries in the fourth quarter of last year. It recalled 999 of its first SUVs shipped to the US in May over malfunctioning software. The company last October reported delivering a cumulative total of 28,727 vehicles.
