VinFast Eyes Andhra Pradesh for Major EV and Battery Plant Expansion in India
This move follows their ongoing facility construction in Tamil Nadu and highlights VinFast's strategic commitment to tapping into India's growing electric vehicle market while enhancing local manufacturing capabilities.
July 15, 2024. By News Bureau
Vietnam's electric vehicle manufacturer, VinFast, has ambitious plans to set up its second manufacturing hub in Andhra Pradesh. With its ongoing facility construction in Tamil Nadu, this move marks a significant stride in VinFast's global expansion strategy, aimed at tapping into India's growing EV market.
As per reports, Pham Sanh Chau, CEO of VinFast India, recently met with Andhra Pradesh Chief Minister N. Chandrababu Naidu to propose a hefty investment of INR 4,000 crore (approximately USD 478.65 million) for setting up electric vehicle and battery manufacturing plants within the state. This initiative follows VinFast's groundbreaking ceremony earlier this year for its integrated EV manufacturing facility in Tamil Nadu, which is poised to become operational over the next five years.
As per the firm, VinFast's strategy involves creating a vertically integrated supply chain, reducing dependency on external sources by establishing on-site manufacturing capabilities for both EV components and battery packs. This approach not only aims to bolster local production but also to enhance supply chain resilience amidst global disruptions.
The proposed Andhra Pradesh venture is expected to span several phases, creating substantial employment opportunities for the local populace. VinFast's commitment to investing in Indian infrastructure underscores its long-term vision of becoming a key player in the country's rapidly evolving electric vehicle sector.
The envisioned facility in Andhra Pradesh aims to replicate the success and scale of its Tamil Nadu counterpart, potentially boosting annual production capacities significantly.
It may be noted that VinFast's dual-pronged approach in India highlights its proactive stance in addressing both domestic market demands and global supply chain dynamics, positioning itself as a formidable contender in the electric mobility landscape.
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