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Vietnamese automaker VinFast has opened a $500 million electric vehicle factory in Tamil Nadu, India, as part of a $2 billion investment plan to expand across Asia, aiming to produce up to 150,000 EVs annually and establish India as an export hub, while creating over 3,000 local jobs and shifting focus from Western markets to Asian growth opportunities.
VinFast has delayed the production of its Chatham County electric vehicle plant to 2028, citing the need to optimize capital allocation and manage short-term spending. Despite the delay, the company remains committed to its growth strategy and anticipates strong sales growth in the latter half of the year. The plant, initially set to open this summer, has seen multiple revisions and delays since its groundbreaking in 2023. VinFast's arrival was initially celebrated for its promise to bring significant investment and jobs to the region.
VinFast has postponed the start of production at its North Carolina manufacturing facility to 2028, citing the need to optimize capital allocation and manage short-term spending amid economic uncertainties. Despite the delay, the company remains confident in its long-term growth strategy and anticipates strong sales growth in the latter half of the year, driven by a diverse product range and expanding global distribution.
A new report suggests that electric vehicle sales in the U.S. need to rise significantly to meet President Joe Biden’s emissions targets, with EVs projected to make up more than two-thirds of all cars on America’s roads by 2032. Vietnamese car maker VinFast is launching its own electric charging network, while a study finds that implementing solutions such as expanding cycling infrastructure and greening public transport networks could significantly reduce carbon emissions from urban transport by the 2030s. Additionally, Amazon's Zoox self-driving taxi service has been cleared to expand in Las Vegas, allowing the vehicles to operate at higher speeds and in more areas.
VinFast debuts its new electric vehicle, the VF3, at the Consumer Electronics Show, offering a small and cheap EV with a blocky design reminiscent of a shrunken Toyota FJ Cruiser. With a range of about 125 miles on a full charge and a price tag of around $12,200 in Vietnam, the VF3 is expected to be available for under $20,000 in the US, making it an appealing option in the competitive EV market.
VinFast showcased a midsize electric pickup truck and a small utility EV at CES, aiming to break into the US market, where it has faced challenges. The company, backed by Vietnam’s richest man, plans to build factories in the US, India, and Indonesia. The new concepts, VF Wild electric truck and VF3 mini-eSUV, feature innovative designs, but VinFast will need to address quality concerns following poor reviews of its VF8 crossover.
Vietnamese car company VinFast plans to sell its super small and affordable VF3 electric SUV in the U.S. with a targeted EPA range of 125 miles and a price tag under $20,000. Despite its diminutive size, the VF3 can seat five people and offers up to 19.4 cubic feet of cargo space. VinFast aims to open reservations later this year, with production set to begin in 2025 at a factory in North Carolina. If successful, the VF3 could become a popular choice in the U.S. market.
Vietnamese EV automaker VinFast unveiled plans to sell its VF 3 mini SUV globally and introduced a concept electric pickup truck called the VF Wild at CES 2024. The VF 3, designed for urban drivers, offers 125 miles of range on a single charge and features a 10-inch infotainment screen with Android Auto and Apple Carplay. VinFast also showcased the VF Wild, a mid-size electric pickup with a bed length that can expand from 5 to 8 feet. While the VF Wild remains a concept, VinFast aims to eventually deliver a production version.
Vietnamese car manufacturer VinFast plans to bring its all-electric VF 3 SUV to the United States, with a targeted EPA-rated range of 125 miles and early reservations opening later this year. Described as a "mini-eSUV," the VF 3 features a small, upright design and two-door, four-seat layout, making it ideal for city driving. Equipped with a 10.0-inch infotainment screen, the SUV offers 19.4 cubic feet of storage space and is set to begin deliveries in Vietnam in the third quarter of 2024, with details on US production to be released soon.
Vietnamese automaker VinFast plans to invest up to $2 billion in building an electric vehicle factory in India's Tamil Nadu state, marking its first foray into the Indian market. The factory, with an initial investment of $500 million, aims to produce 150,000 cars annually and transform the region into an electric vehicle production hub. This move is part of VinFast's global expansion, which includes ventures in the United States and Indonesia, and reflects the company's commitment to a zero-emission transportation future. India's fast-growing electric vehicle market and government incentives make it an attractive destination for VinFast's expansion efforts.
Vietnamese automaker VinFast plans to invest $2 billion in building an electric vehicle (EV) plant in Tamil Nadu, India. The plant is expected to have an annual capacity of 150,000 vehicles and will create thousands of jobs in the region. This move marks VinFast's entry into the Indian market as it aims to capitalize on the growing demand for electric vehicles in the country.
Vietnamese electric vehicle manufacturer VinFast has signed a memorandum of understanding with the Tamil Nadu government in India to invest up to $2 billion in setting up an integrated EV facility. The initial investment will be $500 million for a facility with an annual capacity of 150,000 units, expected to create 3,000-3,500 jobs. VinFast, which entered the EV market in 2021 and is listed on Nasdaq, aims to expand its global footprint and contribute to India's green energy transition, despite facing financial challenges and criticism in its existing markets. The investment aligns with India's goal of 30% electrification by 2030 and will include the development of a dealership network across the country.
Vietnamese electric vehicle maker VinFast has appointed its founder Pham Nhat Vuong as the new CEO, replacing Le Thi Thu Thuy, who will now serve as chairwoman. The company also named Nguyen Thi Lan Anh as the new CFO, succeeding David Mansfield. These leadership changes come as VinFast, backed by Vietnam's richest man and part of the largest conglomerate Vingroup, aims for global expansion and profitability by the end of 2024, despite recent financial losses. VinFast has been aggressively funded by Vuong, including a recent $1 billion grant, as it competes in the increasingly competitive EV market.
Vietnamese EV maker VinFast reported an increase in EV deliveries, revenue, and vehicle sales in the third quarter, primarily driven by sales to its affiliate company, Green and Smart Mobility (GSM). Despite the growth, net losses continued to rise, reaching $622.9 million. VinFast's founder, Pham Nhat Vuong, plans to inject $2.5 billion into the company to boost growth, and the company reaffirmed its target of delivering between 40,000 and 50,000 vehicles this year. However, with only 21,342 EVs delivered so far, VinFast will need to significantly increase output to meet its goal.
Vietnamese electric vehicle maker VinFast reported a 159% increase in third-quarter revenue, driven by higher car deliveries and partnerships with US dealers. The company also announced plans to establish an assembly facility in India to capitalize on government incentives for EVs. Despite a voluntary recall earlier this year, VinFast delivered 10,027 EVs in Q3, with revenue reaching 8.25 trillion Vietnamese dong ($338 million). However, the net loss widened to 15 trillion Vietnamese dong.