According to a report by the Economic Times, the electric car manufacturer VinFast Auto, which is located in Vietnam and is thought of as Tesla’s competition, intends to establish a production facility in India. Last month, VinFast Auto became the third-most valuable automaker in the world.
According to the report, the Vietnamese EV manufacturer may establish a facility in either Gujarat or Tamil Nadu.
The discussions are still in the early stages, but VinFast Auto is eager to expand into India, according to the report, which cited sources. However, it is unclear whether VinFast intends to export or if the new production operation would just service the Indian market.
If VinFast Auto follows through on its investment plans, it will be the first Vietnamese carmaker to establish a presence in India.
You might also want to give this a read: TOYOTA IS REPORTEDLY PLANNING TO BUILD A THIRD MANUFACTURING PLANT IN INDIA AND DEVELOP A NEW SUV, AS DOMESTIC SALES CONTINUE TO RISE: REPORT – Click Here
VinFast Auto surpassed Tesla and Toyota to become the world’s third-largest carmaker by market capitalization last month.
With its first results after entering the market in August, VinFast’s revenue over doubled in the second quarter due to increased deliveries to domestic clients.
On its Nasdaq debut, VinFast received a valuation of around $85 billion, surpassing that of long-standing US carmaker Ford.
VinFast’s sales increased 131.2% to $327 million in the second quarter. Its net loss for the quarter was $526.7 million, down 8.2% from the same period the previous year.
According to an 18 September filing, VinFast, funded by Vietnam’s richest man, Pham Nhat Vuong, has sold a total of 18,700 electric vehicles, predominantly in Vietnam, as of June 30. It sold 7,100 vehicles to GSM Green and Smart Mobility Joint Stock Co., a Vietnamese cab firm of which Vuong owns 95%.
Bloomberg news agency reports that VinFast intends to ship its first electric vehicles to Europe in the fourth quarter. The company started this year by sending its first automobiles to the US.
(Source: The Economic Times)
What do you think about this? Don’t forget to share it with your friends and family. Comment below! 👇
Connect with us on social media for more exciting car and bike-related content!
Checkout our Amazon Best Sellers: Click Here
