Vietnam's VinFast to build a $2 billion EV plant in India as part of its global expansion

Vietnamese automaker VinFast plans to spend up to $2 billion to build an electric vehicle factory in India, the world's third-largest auto market by sales. The factory in southern India’s Tamil Nadu state will be the company’s first foray into India. It said it is committing $500 million in the first phase of construction. Vinfast said that it aims to transform the region into a “first-class electric vehicle production hub.” It said the factory will have a capacity to roll out 150,000 cars annually but gave few other details. Vinfast is part of Vingroup, a sprawling conglomerate that began as an instant noodle company in Ukraine in the 1990s.