VinFast Auto, a Vietnamese electric vehicle maker that recently became the world's third most valuable carmaker, is considering building a manufacturing plant in India, according to multiple sources familiar with the matter.
If the company succeeds in its plans, it will become the first Vietnamese automaker to establish a plant in India.
According to sources, it is probable that the plant will be established in either Tamil Nadu or Gujarat. The report suggests that while discussions are still in the early stages, VinFast is very interested in setting up operations in India.
VinFast is an electric vehicle company that was started in 2017. It's not as big as Tesla, but it's growing quickly and has big plans to take on Tesla in the US, where Tesla has more than half of the market. VinFast is part of the Vingroup group, which is the biggest private company in Vietnam.
Last year, VinFast sold 7,400 vehicles, all of which were sold in Vietnam. This year, VinFast expects to sell 40,000 to 50,000 vehicles as it expands outside of Vietnam.
According to the report, competitors such as Tesla and Toyota expect to sell 1.8 and 1,5 million electric vehicles (EVs) annually by 2026, respectively.
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