Vietnamese electric carmaker VinFast will enter the Indian market with two high-end electric SUVs, taking on local rivals Mahindra & Mahindra and China’s BYD, which already has a presence in the world’s third-largest car market.
VinFast Asia CEO Pham Sanh Chau said that VinFast launched the VF6 and VF7 SUVs at the Indian Auto Show in New Delhi in the hope of attracting buyers to buy its electric vehicles and contribute to India’s goal of net elimination of carbon emissions.
“We are shifting our focus to India – our next growth frontier,” Zhou told reporters.
Nasdaq-listed VinFast counts North America and Vietnam as its main markets but is trying to expand aggressively elsewhere. But the automaker’s losses have widened as demand for electric vehicles weakens.
Of the more than 4 million cars sold in India last year, electric models accounted for about 2.5%. The government aims to reach 30% by 2030 and is currently working on a plan to attract electric car manufacturers.
VinFast said last year it would invest $500 million (approximately Rs. 4,327 crore) in India over five years to build car and battery factories (currently under construction in the southern state of Tamil Nadu) and launch new models.
The plant will have an initial capacity of 50,000 vehicles per year and can be expanded to 150,000 vehicles based on demand, Chau said, adding that the company was appointing dealers in India and looking into investing in setting up charging infrastructure.
Like Tesla, VinFast is also seeking a reduction in the 100% import tax on complete electric vehicles by the Indian government to enable it to launch the vehicles during the period when the factory is commissioned. The move was opposed by domestic automakers.
© Thomson Reuters 2025
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