2023-10-06

VinFast to invest $400m on India, Indonesia EV factories

VinFast to invest $400m on India, Indonesia EV factories

Founder of Vietnam's Nasdaq-listed carmaker to sell 46m shares to raise cash

 

VinFast hopes to construct plants in India and Indonesia, each assembling 50,000 electric cars annually. (Photo by Lien Hoang)

 

LIEN HOANG, Nikkei staff writerOctober 6, 2023 12:53 JST

 

 

HO CHI MINH CITY -- VinFast aims to build factories in India and Indonesia, while anticipating a $1.2 billion cash infusion from its founder and others as the Nasdaq-listed electric vehicle producer hopes to reach 50 markets by the end of 2024.

Vietnam-based VinFast sold 10,027 EVs in the third quarter, it also said on Thursday night, up slightly from the second quarter's 9,535, most of which went to founder Pham Nhat Vuong's taxi company.