π Tender Overview
Scope : Set up a Electric Vehicle (EV) Manufacturing Unit in India
Vietnamese electric vehicle (EV) maker VinFast Auto may soon set up a manufacturing unit in India. The company has expressed interest for the same, and has shortlisted Gujarat and Tamil Nadu after holding talks with several state governments.
VinFast Auto, founded in 2017, is the EV arm of Vingroup operating in Vietnam. It became the worldβs third largest automaker by market capitalisation behind Tesla and Toyota, in August 2023.
The company's cars are seen as affordable alternatives by virtue of being cost-effective and value for money proposition for the Indian market.
On January 2024, Vietnamese electric vehicle maker VinFast is set to open its first Indian manufacturing facility in Tamil Nadu, where it will manufacture batteries for EVs. The plant will be located in the city of Thoothukudi. The move is separate from its previous plans to assemble vehicles from Vietnam.
VinFast in October, 2023 had announced that it would build assembly factories in India and Indonesia, with each of them having a capacity of up to 50,000 cars per year and capex of up to USD 200 million initially. Production is expected to commence in 2026.
The company is also considering to bring both e-scooters and e-cars to India.
Chennai and other districts of Tamil Nadu are home to several EV players including Indian two-wheeler manufacturers Ola Electric and Ather.