Latest news with #EVfactory
Yahoo
5 days ago
- Automotive
- Yahoo
VinFast in talks to boost India sourcing as its first overseas plant swings into gear
By Praveen Paramasivam and Chandini Monnappa THOOTHUKUDI, India (Reuters) -Vietnamese electric vehicle maker VinFast began operations at a new plant in India, its first overseas factory, on Monday, and said it hopes to source more parts locally and that it had received orders from Sri Lanka, Nepal and Mauritius. Switch Auto Insurance and Save Today! Affordable Auto Insurance, Customized for You The Insurance Savings You Expect Great Rates and Award-Winning Service The loss-making carmaker has struggled to break into developed Western markets and its foray into India, the world's third-largest auto market, will be a key test of its vehicles' popularity and its business acumen. The plant in Thoothukudi in the southern state of Tamil Nadu has an initial capacity to build 50,000 EVs annually, scalable to 150,000. Its first vehicles will be two premium electric SUVs, the VF 7 and VF 6. VinFast has talked with several of its component suppliers, and some want to shift part of their production to the industrial park in India, VinFast Asia CEO Pham Sanh Chau told Reuters. The company plans to roll out cars to Indian showrooms later this month, he added. The pricing of the vehicles has not been disclosed. Though the orders from other nations mean the plant could evolve into an export hub, VinFast's immediate focus remains on Indian customers, Chau said. Last year, VinFast agreed with Tamil Nadu state to invest $500 million over five years and to work towards up to $2 billion in investment. Success in India will be key if it is to meet its global delivery target of 200,000 cars for 2025. It sold about 72,100 in the first half of the year, primarily in its home market. Backed by Vietnam's largest conglomerate Vingroup, VinFast plans for a plant in Indonesia to be up and running by the end of the year, Chau said. Production in the U.S. has, however, been delayed until 2028. The company also said it plans to eventually expand its other businesses to India, including its electric ride-hailing service. Sign in to access your portfolio
CNA
5 days ago
- Automotive
- CNA
VinFast in talks to boost India sourcing as its first overseas plant swings into gear
THOOTHUKUDI, India :Vietnamese electric vehicle maker VinFast began operations at a new plant in India, its first overseas factory, on Monday, and said it hopes to source more parts locally and that it had received orders from Sri Lanka, Nepal and Mauritius. The loss-making carmaker has struggled to break into developed Western markets and its foray into India, the world's third-largest auto market, will be a key test of its vehicles' popularity and its business acumen. The plant in Thoothukudi in the southern state of Tamil Nadu has an initial capacity to build 50,000 EVs annually, scalable to 150,000. Its first vehicles will be two premium electric SUVs, the VF 7 and VF 6. VinFast has talked with several of its component suppliers, and some want to shift part of their production to the industrial park in India, VinFast Asia CEO Pham Sanh Chau told Reuters. The company plans to roll out cars to Indian showrooms later this month, he added. The pricing of the vehicles has not been disclosed. Though the orders from other nations mean the plant could evolve into an export hub, VinFast's immediate focus remains on Indian customers, Chau said. Last year, VinFast agreed with Tamil Nadu state to invest $500 million over five years and to work towards up to $2 billion in investment. Success in India will be key if it is to meet its global delivery target of 200,000 cars for 2025. It sold about 72,100 in the first half of the year, primarily in its home market. Backed by Vietnam's largest conglomerate Vingroup, VinFast plans for a plant in Indonesia to be up and running by the end of the year, Chau said. Production in the U.S. has, however, been delayed until 2028.
Reuters
19-06-2025
- Automotive
- Reuters
Xiaomi unit wins land tender in Beijing for EV manufacturing
BEIJING, June 19 (Reuters) - A Xiaomi unit has won a tender to buy a plot of land in Beijing close to its existing car factory for 635 million yuan ($88 million), which it plans to use for a smart connected car and components project, a city regulator said on Thursday. The win for a 50-year lease to the 485,134 square metre-large plot of land was announced by Beijing's municipal planning and natural resources commission. The land plot is close to the second phase of Xiaomi's EV factory. Xiaomi Jingxi Technology, winner of the tender on Thursday, secured the second phase that covers an area of 531,130 square metres for 842 million yuan in July 2024. The project reached its final stage in April. The tender win would make Xiaomi one of the few automakers in China approved to expand capacity while the majority of the sector is grappling with overcapacity. Xiaomi said its new YU7 sports utility vehicle is getting more attention than the SU7 sedan and on its app, buyers have to wait up to 51 weeks to pick their Xiaomi cars as the company ramps up output. Xiaomi, the world's third-largest smartphone maker, launched the SU7 sedan last year and has outsold Tesla's (TSLA.O), opens new tab Model 3 on a monthly basis since December. The SU7's success is seen expediting the company's EV bid despite intense competition in the world's largest auto market. Xiaomi raised its target for EV deliveries this year to 350,000 from 300,000 earlier this year. The company had planned an annual output of 300,000 vehicles in its EV factory to be built in two phases. It will take orders for the YU7 at the end of June, CEO Lei Jun said on Wednesday. The YU7's release was earlier set for July. ($1 = 7.1869 Chinese yuan renminbi)
