According to the Indian media, VinFast is set to commence sales of electric cars in India during the second half of 2024. Additionally, the Vietnamese automaker is planning to establish a factory with long-term aspirations of capturing the Indian market.
VinFast is reportedly in discussions with 30-35 partners to establish a distribution network for their cars in India, as stated by the Indian magazine Mint. These showrooms will showcase VinFast’s electric cars and electric motorcycles starting from the third or fourth quarter of this year. Initially, all of these vehicles will be imported as completely built-up units (CBU) from Vietnam.
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Among VinFast’s current product lineup, VF 5 and VF 6 are likely to be the selected models for distribution in the Indian market. As per JATO Dynamics, the price of VF 5 in India is estimated to be around 14.1-16.5 lakh Rs, while VF 6 is slightly higher, ranging from 20.8-26.3 lakh Rs. However, the actual selling price may be higher due to the high import taxes imposed by India. Imported models with a price below $40,000 (approximately 980 million VND) face a 70% tax, while more expensive models are subjected to a 100% product value tax.
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Last year, VinFast announced plans to invest $150-200 million (equivalent to over 4,800 billion VND) in setting up an electric car factory in India during the initial phase. The factory’s initial capacity is projected to be around 50,000 vehicles per year, with production slated to commence in 2026.
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India is a promising market for the electric car industry, with an average annual car growth rate of approximately 14% over the past four years. According to Elizabeth Connolly, an analyst at the International Energy Agency (IEA), the number of electric charging points in India has increased tenfold in 2022.
Thai Son (Tuoitrethudo)
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