By Jasvir
2748 Views
Updated On: 07-Dec-2023 06:46 AM
The EV manufacturing company has chosen Gurugram, Haryana as the location for its corporate office. The EV models are expected to be imported from Vietnam.
Vietnamese electric vehicle manufacturing company VinFast is expecting to enter the Indian EV market by next year with its electric bus, electric scooters and electric SUV portfolio.
VinFast, a Vietnam-based electric vehicle company, is ready to enter the Indian market starting next year. The company is looking to mark its presence in the electric bus, e-scooter and SUV markets in India to cater to a wide range of customers. The brand launched its very first e-bus in Vietnam back in 2021.
The EV manufacturing company has chosen Gurugram, Haryana as the location for its corporate office. The EV models are expected to be imported from Vietnam and right after the company plans to establish a manufacturing plant to obtain government incentives and offer competitive prices.
What VinFast Plans to Offer-
The Vice President and Director of Sales for VinFast in India - Ashwin Patil said, “We are in serious discussions, and plan to enter the Indian market shortly. In India, SUV is the only segment that is growing and also where we will be present.”
He added, “Apart from SUVs, electric buses and electric scooters will be a part of India’s portfolio. We have the capability and technology to produce them, but when they will be introduced is still under planning.”
Also Read- Electric bus market in India expected to reach 41,566 units by 2028
Investment & Plant Setup-
VinFast is a multinational automotive company with a strong presence in the US's EV market. The company is planning to set up a facility in India with an investment of USD 150 million to USD 200 million in the first phase. The brand is currently in the process of vehicle testing and finalising a suitable location for its plant.
“We are in the advanced stage of finalising a location for the plant. VinFast is looking for support from the government for the reduction of import duty to develop domestic technical capability,” said Patil.
India is an emerging market for electric buses which is why not only VinFast but also Tesla is close to making its entry in the country. However, a top governmental official has said that India will never provide company specific incentives in the EV market as per a recent PTI report.