As per the information reported by the Indian media, VinFast will start selling electric cars in the country in the second half of 2024. Not only that, the Vietnamese carmaker is also planning to build a factory with a long-term goal of conquering this market.
According to information from the Indian magazine Mint, Vietnamese automaker VinFast is in negotiations with 30-35 partners to build a distribution network for cars in India. These showrooms will display VinFast’s electric cars and electric motorcycles from the third or fourth quarter of this year. For now, all of these vehicles will be imported completely built-up units (CBU) from Vietnam.
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Among the current products of VinFast, VF 5 and VF 6 may be the two models selected for distribution in India in the initial phase. According to JATO Dynamics, VF 5 is priced at around 14.1-16.5 lakh Rs in the Indian market, while VF 6 is slightly higher, ranging from 20.8-26.3 lakh Rs. However, the actual selling price may be higher, as India imposes high taxes on imported cars. A 70% tax is applied to imported models with a price below $40,000 (approximately 980 million VND), while more expensive models face a 100% product value tax.
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Last year, VinFast announced plans to build an electric car factory in India with an investment of $150-200 million (equivalent to over 4,800 billion VND) in the initial phase. The initial capacity of this factory is about 50,000 vehicles per year, with production expected to start in 2026.
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India is a potential market for the development of electric cars, with an average annual car growth rate of about 14% over the past 4 years. Analyst Elizabeth Connolly of the International Energy Agency (IEA) said that in 2022, the number of electric charging points in India increased tenfold.
Thai Son (Tuoitrethudo)
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