VinFast Eyes Up To 1.5 Lakh Annual EV Production In India

SUMMARY

VinFast is aiming to begin manufacturing about 50,000 electric cars annually, and increase the production goals to 1,50,000 cars in the coming years

These vehicles produced in India would be exported to countries in the Middle East and Africa

Chau mentioned that VinFast is also optimistic about hiring up to 3,500 domestic employees by 2030

Vietnamese EV major VinFast is reportedly planning to boost its annual electric vehicle production up to 1.5 Lakh in India and export them to countries in the Middle East and Africa.

A PTI report said that the company is primarily aiming to begin manufacturing about 50,000 electric cars annually and increase the production goals to 1,50,000 cars in the coming years, depending on its market demand.

“We have targets to export the products to external markets, including the Middle East and Africa,” the agency quoted VinFast Asia CEO Pham Sanh Chau as saying.

Chau also added that VinFast is also optimistic about hiring up to 3,500 employees across India by 2030.

So far, the company has interviewed nearly 400 freshers across different universities in Tamil Nadu. “By 2030, we expect to have up to 3,500 local workforce as part of our commitment to the state government,” Chau added.

Meanwhile, the EV unit of Vingroup is also nearing roll out of its VF7 and VF6 models in India, ahead of this year’s festive season with bookings all set to open this month, one of the top company officials said.

Chau confirmed that VinFast will first display its cars at shopping malls and airports before the bookings begin.

The company is yet to finalise the price of these vehicle models.

“India is a sensitive market, and we will have an affordable price,” said Chau, adding that these models will be “premium vehicles, and we will make a formal announcement on this very soon.”

Earlier this year, the EV maker inked a Memorandum of Understanding (MoU) with the Tamil Nadu government to establish an EV manufacturing facility in the state.

Back then, VinFast mentioned that it is also aiming to establish a pan-India dealership network with an eye on shoring up brand presence in the Indian EV economy.

Earlier today, union minister of heavy industries HD Kumaraswamy said Elon Musk-led Tesla is looking to start operations in India but is currently not interested in manufacturing in the country.

VinFast cars’ launch also comes amid growing EV industry in the country, which is projected to hit 20 Mn in sales by 2030 while also creating a $132 Bn EV market by then, as per Inc42 data.

In light of this, the Union government is building a super app for EV users in the country, with features such as real-time slot booking (likely for charging), payment integration, charger availability status and progress dashboards for tracking national deployment under the PM E-Drive scheme.