(VOVWORLD) -VinFast, a Vietnamese electric vehicle manufacturer, on Sunday officially broke ground on an integrated electric vehicle factory in the state of Tamil Nadu, Southern India.
The company plans to invest Rs 25,000 crore in Cuttack for the electric vehicle and its battery manufacturing complex, while a sum of Rs 15,000 crore will be invested in the EV components manufacturing facility in Pradip.
BYD already has a bus facility in the country, but is investing in the plant as it seeks to dominate the European EV industry by end of the decade, the newspaper said, adding that negotiations between the company and the government were ongoing on Thursday.
Hyundai Motors: The factory in Ulsan in the southeast of the country will have an annual capacity of 200,000 units and the company said its first model will be an electric sport utility vehicle (SUV) from its luxury brand Genesis. Hyundai Motor Group, which encompasses Hyundai Motor, Kia and Genesis brands, said in April it plans to launch 31 EVs by 2030.
Foxconn Future Plans: Foxconn s India representative V Lee posted on LinkedIn photos of the recently concluded Hon Hai Technology Day 2023 that took place on October 18 and captioned it, "Great event with so much India ambitions, beginning of the Bharat era, devoting to EVs and semiconductors."