VinFast

VinFast, Vietnam’s electric vehicle manufacturer, plans to initially invest $500 million to set up an integrated facility in India and break into the world’s third-largest automobile market. The memorandum of understanding with the state government of Tamil Nadu, unveiled on Saturday, earmarks an investment of up to $2 billion, the company said without giving a concrete timeframe. Construction of the facility in Thoothukudi — which will have an annual capacity of as much as 150,000 units — is targeted to start this…

Vietnamese electric vehicle (EV) manufacturer VinFast on Saturday said it will work towards building an integrated EV facility in the state with a total investment of up to $2 billion.The company, in a statement said that it has committed $500 million for the first phase of the project and that the total outlay will span five years from the commencement date.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteNorthwestern UniversityKellogg Post Graduate Certificate in Product…

Vietnamese electric vehicle (EV) maker VinFast on Saturday named its founder and biggest financial backer, Pham Nhat Vuong, as chief executive as it plans an ambitious overseas expansion and ramps up sales via dealerships.Vuong, 55, replaces Le Thi Thu Thuy, who had held the post since late 2021, VinFast said in a statement. Thuy, a finance expert, will serve as chairwoman and lead engagement with external stakeholders.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIIM KozhikodeIIMK…

Tesla rival Vietnam’s VinFast Auto is setting up an electric vehicle (EV) and battery manufacturing facility at Thoothukudi, near Chennai, which will have the capacity to produce 150,000 EVs in the first phase, a person aware of the developments told ET.The total investment in the 400-acre facility could eventually touch as much as $1 billion or even more, the person said, adding that VinFast is likely to make an official announcement on Saturday.Elevate Your Tech Prowess with High-Value Skill CoursesOffering…

Credit: VinFast Vietnamese EV maker VinFast has announced that it will open doors to its first dealership in the US, in the same state where it is building a state-of-the-art $4 billion EV factory. The automaker is partnering with North Carolina’s Leith Automotive Group to start selling its fully electric cars in the state. VinFast has announced a joint partnership with Leith Automotive Group to start selling its vehicles – the VF 8 crossover to start and more models soon thereafter –…

The automotive industry in recent years has witnessed a shift to software-defined vehicles that offer flexibility, improved safety, and enhanced user experience.Vietnam's leading tech firm FPT has established an automotive technology subsidiary in Texas, it said on Thursday, with a USD 100-million plan to expand globally to serve clients such as Hyundai and Honda.The unit, FPT Automotive, is backed by the software arm of Vietnam's biggest listed tech company by market…

Vietnamese automaker VinFast has officially launched its VF 7 EV in its native country, rounding out a lineup of of six initial SUVs covering the A to E vehicle segments. While the initial launch begins in Vietnam, the VF 7 should eventually make its way to the US and it’s starting at a rather enticing price point. VinFast ($VFS) is an EV automaker we’ve been closely following since its US debut at the LA Auto Show over two years ago. That doesn’t sound like a huge passage of time, but the…

The government is in the process of drafting a policy to incentivise local manufacturing of electric cars. Foreign EV makers like the Elon Musk-led Tesla and Vietnam-based VinFast are also solidifying their India entry strategy. While the policy guidelines are yet to be finalised, local carmakers are concerned about the government’s incentivising strategy. Domestic EV makers have claimed that offering concessional tariffs to Tesla and other foreign manufacturers will adversely impact investments that have already been…

VinFast is set to break ground on its delayed U.S. factory on Friday.Steve Russell | Toronto Star | Getty ImagesLe acknowledged that there's increasing competition in the U.S. market."We think that there's still a lot of room for new players. I think the U.S. consumers are open to new players, as long as we have good quality products," said Le.VinFast entering the U.S. EV market means it will have to go up against Tesla and BYD, as well as traditional automakers increasingly focusing on hybrids and EVs.But crucially, the…

Vietnamese EV automaker VinFast will kick off a slew of firsts in North Carolina next week, as it will officially break ground on a previously announced production facility – its first in North America. It’s been a somewhat bumpy road for VinFast recently – but when driving, speed bumps hurt a lot more when you’re going fast – and VinFast’s mode of operation matches its namesake. After a quick hockey stick in sales figures after beginning deliveries of its VF 8 EV in the US – a recall for the…