Vietnamese electric automaker VinFast is reportedly planning to launch a local car production in India, ET reports, citing people “aware of the development.”
Report details
The unnamed sources told the publication that strong candidates for the VinFast factory include Tamil Nadu and Gujarat.
According to one of the sources, the automaker had a discussion with some state governments before determining Tamil Nadu and Gujarat as the strongest options.
They further implied that VinFast’s planned investment will be “significant.”
“The talks are in the preliminary stages but VinFast is very keen on setting up in India.”
One of the sources
It must be noted that VinFast’s plan for the plant remains vague, specifically if it would be for exports or exclusive to the local market.
VinFast’s global expansion progress
VinFast can potentially advance as the first-ever Vietnamese brand to establish a local production in India.
The move is undoubtedly part of the company’s effort to expand its operations across the world.
In August, VinFast surprised the automotive industry as its market valuation ranked third behind America’s Tesla and Japan’s Toyota. Its valuation reached approximately $85 billion on its first trading day, officially beating established American automakers Ford ($48 billion) and GM ($46 billion).
Money Control further noted that the brand’s market cap increased nearly 700% to $191 billion after its Nasdaq listing last month.
“The next big EV stock may be here, and it could be VinFast, but the company has a lot of work to do before it becomes a household name and a stable investment option in the blossoming EV industry.”
The Motley Fool
Moreover, its Q2 2023 revenue enjoyed a more than twofold year-on-year growth of 131.2% to $327 million. Meanwhile, its net loss dropped 8.2% YoY to $526.7 million.
VinFast starts hiring efforts in India
The Times of India recently reported that VinFast has already started its recruitment efforts in the country.
According to the LinkedIn post cited by the publication, the company is seeking to hire sales, legal, and back office staff who “dare to think, dare to do, and dare to face difficulties.” It includes the following positions:
- Dealer managers
- Sales Training managers
- Service quality control personnel
- Legal, finance, and human resource personnel
The new recruits will reportedly work at the company’s Gurugram headquarters in New Delhi.
See Also:
- VinFast to penetrate the European market in 2023 as the EU investigates Chinese brands
- VinFast to launch 3 new electric crossovers in the US starting in 2023
- VinFast stock surged 700% to $191B, similar to Tesla’s market cap in 2020
- VinFast to employ a dealership distribution approach in the US
- VinFast makes Nasdaq debut, valuation tops automotive giants
VinFast’s global EV sales are already at 18,700 units as of the end of June, based on a filing released on September 18. Apart from the investment plans in India, VinFast is also set to launch its first offerings for the European market in Q4 2023.
