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Hindustan Times
01-06-2025
- Automotive
- Hindustan Times
VinFast eyes Indian bank loan as it prepares for local EV plant launch: Reports
The VinFast VF6 and VF7 will be thedebutante products for the carmaker in India Notify me Vietnamese electric vehicle (EV) maker VinFast Auto Ltd. is in talks with India's state-owned banks for a major loan, its first big financing push in the country. The action follows as VinFast ramps up plans to get established in India's fast-expanding EV space. A report by Bloomberg stated that VinFast is reportedly negotiating with the Central Bank of India and Union Bank of India to secure a loan of up to $200 million. This loan would be part of the initial phase of VinFast's proposed $500 million investment in India. The financing is expected to be denominated in Indian rupees or through the external commercial borrowing (ECB) route in foreign currency. Discussions are ongoing, but the final terms have not yet been agreed upon. It marks the first time VinFast has tapped the Indian financial system for its expansion activities; this indicates that the company is serious about investing for the long-term in the local market. Also Read : Does the VinFast VF 7 electric SUV have what it takes to compete in India? VinFast also has a new timeline for its EV manufacturing facility in Tamil Nadu. Previously slated for a June launch, the facility will now officially open July 30. The VinFast facility is a key part of VinFast's Indian strategy and will be vital to local production and distribution. Strategic Pivot Toward Asia VinFast's expansion into India comes after it made a deliberate geographical shift away from North America and Europe because of high logistics costs. Pham Nhat Vuong, founder and CEO of VinFast, recently confirmed that the entity was now turning its focus away from North America and Europe, and concentrating on Vietnam, as well as key Asian markets (India, Indonesia and the Philippines). VinFast is rounding out its distribution system just as it prepares to take reservations on the VF6 and VF7 model. The smallest EV, the VF3 is set to go live in 2026. Also watch: VinFast showcases entire EV lineup at Auto Expo 2025 | VF 3, VF 6, VF 7, VF 8, VF 9, e-scooters VinFast's global ambitions are largely bolstered by cash on hand. Vuong has individually committed close to $1 billion since 2023, and a further $2 billion through 2026. Parent company Vingroup have pledged loans of up to $1.4 billion to support growth. Get insights into Upcoming Cars In India, Electric Vehicles, Upcoming Bikes in India and cutting-edge technology transforming the automotive landscape. First Published Date: 01 Jun 2025, 09:23 AM IST
Bloomberg
24-04-2025
- Automotive
- Bloomberg
VinFast to Open India Factory June 30, Indonesia Plant in October
By Updated on Save Vietnamese electric vehicle maker VinFast Auto Ltd. is pushing expansion into Asian markets instead of North America and Europe, founder Pham Nhat Vuong said during a Hanoi shareholders' meeting for parent Vingroup JSC. VinFast has no current plans to boost sales in North America and Europe due to high logistic fees and will instead focus on India, Indonesia and the Philippines, as well as the Vietnam market, said Vuong, who is also the company's chief executive officer.
Bloomberg
02-03-2025
- Automotive
- Bloomberg
China's EV Makers Are Facing a Reality Check in Southeast Asia
On a recent Thursday morning in Hanoi, Chinese electric vehicle giant BYD Co. began the day with a showroom devoid of customers. Just a few kilometers away, a dealership for upstart Vietnamese EV maker VinFast Auto Ltd. was buzzing, with would-be buyers pouring over new models. 'We see an average of 20 customers every day during weekdays,' said Tran Trung Hieu, a VinFast salesman in black suit and tie. 'That can double or triple on a weekend.'
