Electric car maker VinFast Auto Ltd. said. It plans to start selling two made-in-India cars in the South Asian country later this year, marking the Vietnamese automaker’s debut in the world’s third-largest auto market.
However, it has not revealed the prices of the VF6 and VF7 cars it plans to launch in India – a key detail in its quest to attract ambitious but price-sensitive Indian customers.
VinFast showcased some of its cars including the subcompact VF3 and the premium and larger VF9 at the Indian Auto Expo in New Delhi on Friday.
“I am very confident,” Executive Vice President Ashwin Ashok Patel said on the sidelines of the event, adding that production will start after June and sales will begin in the second half of 2025. “You will see this trend coming next year.” 2025 and 2026.”
VinFast is the latest overseas automaker to enter India where a long list of global and domestic auto giants – with the exception of Tesla Inc – are already competing. – With new launches to get a piece of the emerging but rapidly expanding electric vehicle market in the country.
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The carmaker will compete with the likes of local giants Maruti Suzuki India Ltd and Tata Motors Ltd, as well as Asian rivals including China’s BYD and the Indian joint venture SAIC Motor Corp Ltd.
The country is the world’s third-largest emitter of greenhouse gases, but is seeking to decarbonize its economy and wants electric vehicles to make up 30 percent of all vehicle sales by 2030 as it aims to shift net carbon to zero by 2070.
A policy push for green cars and an increasingly affluent Indian middle class are making the South Asian country a hotspot for the launch of global and local automakers.
Facing headwinds
Penetrating the Indian market would be a big win for VinFast, which has been hemorrhaging cash since it shipped its first cars to the United States in late 2022. It has faced headwinds as it tries to become a global brand amid fierce competition from established automakers and agile companies. Growing Chinese companies produce cheap electric cars.
VinFast is currently building a factory in the southern state of Tamil Nadu, after unveiling plans last year to invest up to $2 billion in India.
Patel said that the factory will have an initial production capacity of 50,000 cars.
VinFast has made an initial investment of $500 million for its factory in Tamil Nadu where it eventually plans to build an annual capacity of 150,000 units. It is also expanding aggressively across other Asian markets such as Indonesia.
More stories like this are available at bloomberg.com
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