VinFast, a Vietnamese electric vehicle maker and part of Vingroup, is making a strategic move into India’s EV market. They have planned a $2 billion investment in Tamil Nadu, with an initial $500 million commitment. This decision is driven by India’s growing EV market, low electric car sales offering growth potential, and the government’s target of 30% EV sales by 2030. Tamil Nadu is chosen for its established EV industry and strategic ports. VinFast’s strategy includes creating Completely Knocked Down (CKD) facilities for quicker market entry and adaptability. This move is part of their global expansion, aiming to become a significant player in the EV market.
