nadu

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. “We are delighted that VinFast has chosen to invest in Tamil Nadu to establish its integrated EV facility. Nonetheless, India has been an attractive market for global EV players as the country aims to have 30% electrification by 2030. Its India deal announcement follows VinFast naming its founder and biggest backer, Pham Nhat Voung, as CEO earlier on Saturday.