Touchdown. Recently IPO-ed Vietnamese automaker VinFast is setting their sights on the southern Indian state of Tamil Nadu, where they will build an integrated EV facility. 

• FYI. This is their first investment in India, the world’s third-largest auto market by sales.  

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😎 Cash in

VinFast said they will invest up to $2B into the port city of Thoothukudi to turn it into a “first-class electric vehicle production hub”. They’ll commit $500M for the first phase of the project.

• The facility will have a capacity to make 150K units annually. 

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🌏 Hello, world

After their Nasdaq IPO in August last year, they’ve been ramping up their global expansion plans by selling to new markets and opening up their first foreign factories. 

• VinFast has been selling to the US market since last year and is building a $4B EV factory in North Carolina, which is set for completion in 2025. 
• The company also opened outlets in France, Germany, and the Netherlands. 

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🪙 Get those sales

But their global expansion story isn’t all roses. In May last year, they had to recall the first batch of vehicles they shipped to the US because of a software glitch.

• According to a report, the company is also struggling to sell EVs in their home base, Vietnam. Sales in the US last year were also…just okay. 

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💸 Gotta lotta money

VinFast is part of Vingroup, a Vietnamese conglomerate owned by the country’s richest man, Pham Nhat Vuong. 

• The billionaire owns 99% (yes, this is legit) of VinFast.  

Zooming out. VinFast is not the only SEA company expanding to India. Indonesian startup eFishery recently announced their expansion to the country.