VinFast to shake up Indian market with premium electric SUV
Vietnamese electric vehicle maker Vinfast has announced it will enter the Indian market with two premium electric SUVs
VinFast, the Vietnamese electric vehicle maker, will enter the Indian market with two premium electric SUVs, challenging homegrown rival Mahindra & Mahindra and China's BYD. The announcement was made at the India Auto Show in New Delhi, where VinFast unveiled its VF6 and VF7 SUVs.
The move marks part of the Vietnamese company's strategy to increase its reach for its EVs and in doing so, intends to add its support to India’s goal of net-zero carbon emissions. in what is the third largest car market in the world.
Although VinFast’s primary markets are North America and Vietnam, the company is aggressively expanding and India, the world's third largest car market offers considerable potential for electric vehicles.
EVs accounted for about 2.5% of over 4 million vehicles sold in India last year. The Indian government is targeting an uptick to 30% by 2030 and is working on programs to attract EV makers. VinFast announced it would invest $500 million in India over five years to build a car and battery factory in Tamil Nadu. The factory, currently under construction, will have an initial capacity of 50,000 cars annually, scalable to 150,000 based on demand. VinFast is also exploring investments in charging infrastructure.
