VinFast Commences Operations in India
Vietnam's electric vehicle (EV) firm VinFast has inaugurated its first factory in India. The new factory is situated in Thoothukudi, Tamil Nadu, and was opened by Tamil Nadu Chief Minister M.K. Stalin.
Major Highlights of the Factory
- The factory spans 408 acres of land.
- It will provide more than 3,500 jobs in five years.
- Initial production capacity: 50,000 EVs per year.
- Maximum production capacity: 1,50,000 EVs, subject to market demand.
Investment and Cooperation
VinFast and the Tamil Nadu government inked a Rs 16,000 crore investment agreement at last year's Global Investors Meet. This tie-up is a big step towards increasing the state's EV manufacturing capacity.
Government Support and Growth of Industry
Chief Minister Stalin pointed out that the plant was finished within 17 months from the establishment. He termed this as a symbol of Tamil Nadu's industrial development. He also underlined that:
- Tamil Nadu is the leader in automobile production in India.
- Chennai is dubbed the "Detroit of India."
- Thoothukudi is becoming a developing automobile hub.
He urged VinFast to expand its investment in the state and promised that the state government will stand in full support.
Milestone Event
At the ceremony:
- Stalin signed off the very first 'VF7' EV model rolled out.
- The first car came rolling out of the new plant.
- Some state ministers and VinFast officials were present at the opening.
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