VinFast plans to develop two India-specific EVs in strategy shift, sources say
NEW DELHI/HANOI: Vietnamese automaker VinFast plans to develop two new electric vehicles for the Indian market, five sources told Reuters, in a strategic shift made just weeks after it suspended plans to manufacture some of its global models there. The move marks a departure from VinFast’s earlier attempt to adapt existing vehicles for India - a market the money-losing carmaker sees as a chance…
VinFast, the Vietnamese automaker, is preparing to develop two new electric vehicles specifically for the Indian market, according to sources. This strategic shift comes just weeks after the company suspended plans to manufacture some of its global models in India due to high costs, Reuters reported. The move is seen as a response to VinFast's struggle to scale in the United States and Europe, with the company now pledging $2 billion to India.
The automaker has already opened its first factory outside Vietnam in India last year, with the goal of building a regional manufacturing base in South Asia, the Middle East, and Africa. Discussions are in an early stage with Indian suppliers for the two new models, codenamed VF X and VF Y, but the plans are still being evaluated and could change.
VinFast has positioned the VF X as an entry-level offering for India, aiming to price it below $12,000, which is the price of its more affordable model VF 3 in Vietnam. The VF Y is expected to be a more premium vehicle.
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