VinFast, Vietnam’s largest electric vehicle (EV) manufacturer, is gearing up to enter the Indian market, aiming to make an impact in the world’s third-largest auto industry. The automaker has already demonstrated a strong foothold in its domestic market, delivering more than 11,000 EVs in October alone, and topping over 51,000 units for 2024. This impressive feat has secured VinFast’s position as Vietnam’s best-selling automotive brand for both October and the first ten months of the year.
This wave of success has set a promising stage for VinFast’s India expansion. In January 2024, the company signed a Memorandum of Understanding (MoU) with the Tamil Nadu government to establish a manufacturing facility. The factory is anticipated to have an annual production capacity of 1,50,000 units at full scale, reflecting VinFast’s confidence in the Indian market. The company’s initial showcase is expected to occur at the Bharat Mobility Show in early 2025, marking its formal debut.
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The surge in VinFast’s October sales reflects the growing demand for its EV models, especially the VF 3 and VF 5, which recorded nearly 5,000 and over 2,600 units sold, respectively. This 21% growth over September indicates the strong consumer shift toward EVs in Vietnam, with VinFast not only leading the EV sector but also surpassing traditional ICE competitors in market share. In just over five years since launching, VinFast has quickly become a trailblazer in Vietnam’s automotive industry, positioning the country among the few where an EV brand leads in domestic auto sales.
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