(VOVWORLD) - VinFast and Tamil Nadu state of India on Saturday announced a Memorandum of Understanding to develop green transportation in India. The event marked a milestone in VinFast’s strategy to penetrate into the world's third largest automobile market.
 (Illustrative photo: VNA) |
VinFast has committed to investing up to 2 billion USD in Tamil Nadu, with an initial 500 million USD commitment funding in the first five years of the project.
It’s the biggest investment ever in Tamil Ndu’s history. Construction of the EV and battery manufacturing plants is expected to start this year in Thoothukudi city and will generate 3,000 to 3,500 jobs for local people.
It aims to develop Thoothukudi into a modern EV manufacturing center in the region with an annual capacity of up to 150,000 vehicles.