VINFAST ELECTRIC VEHICLE
EV maker VinFast narrows Q3 losses, beats revenue estimates on strong demand
?The Haiphong, Vietnam-based company delivered 44,773 cars in the first nine months of 2024, more than 55% of its 80,000 target for the year. About one-fifth of these deliveries were to related parties, the company said.
VinFast in talks with Adani Group, Megha Engineering for electric car venture
Vietnamese EV maker VinFast is considering Indian companies MEIL and Adani Group as potential partners for its electric car venture in India. VinFast is looking for a local partner to help navigate the Indian market and establish a supply chain. While discussions are ongoing, no final decisions have been made.
Govt takes second shot at hardselling EV policy
The Indian government is organizing a workshop to encourage companies to import premium electric cars at reduced tariffs. The scheme, launched last year, has seen limited interest so far. The workshop aims to gather feedback and clarify the scheme's rules, potentially attracting companies like Tesla to invest in India's electric vehicle market.
Ford in talks to make EVs in way back to India: Tamil Nadu Industries Minister T.R.B. Rajaa
Ford Motor Co. is considering producing electric vehicles at its Tamil Nadu plant in southern India, marking its return to the region after a three-year hiatus. The move aligns with India's plan to enhance EV manufacturing and capitalize on Tamil Nadu's growing status as a hub for electric vehicle production.
India pins hopes on desi boys Maruti & Tata as big dole out to Merc & Tesla stutters
The Indian government is scaling back its EV policy aimed at attracting international giants like Tesla, VinFast, Mercedes, and BMW due to a lackluster response. Local carmakers such as Maruti Suzuki and Toyota have also influenced this decision by lobbying for similar benefits for hybrid vehicles.
Bharat Mobility Show 2025: From Tata to BYD, auto giants line up for Delhi ramp; set to become world's biggest auto expo
India's Bharat Mobility Show in January featured 28 automakers, including Tata Motors and Maruti Suzuki, focusing heavily on electric vehicles. The event showed heightened interest, with participation surpassing previous records and competing with major global auto expos. Emerging markets like India are experiencing robust growth in the auto sector.
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VinFast plans to set up mega project in Hyderabad: Report
VinFast plans a 1,000-acre smart city in Hyderabad. CEO Pham Sanh Chau met Telangana's Minister D. Sridhar Babu about mobility and housing as Hyderabad's population doubles, straining infrastructure. VinFast invested INR 4,000 crore in Tamil Nadu. Their 2025 EV will cost INR 25-30 lakh and have a 300-500 km range. Options are being scouted.
Confident of sequential quarter-on-quarter improvement in earnings through rest of the year: Warren Harris, Tata Tech
We certainly expect that to continue in the foreseeable future. So, the convergence of the decline in technology solutions and the runoff from VinFast is really what has positioned the relatively flat performance in the first quarter. I think the good news, because of the completion of the transition, is that we are fully confident now of sequential quarter-on-quarter improvement through the rest of the year.
Tata Technologies Q1 profit slides 15% on-year, VinFast woes behind
Sequentially, Tata Technologies' net profit rose 3.04% from Rs 157.24 crore in the preceding quarter ending March 2024. Revenue from operations for the quarter stood at Rs 1,269 crore, up 0.9% on-year basis but down 2.5% sequentially.
Andhra govt, BPCL explore possibility of setting up Rs 70,000 cr petrochemical complex
Andhra Pradesh Chief Minister N Chandrababu Naidu met with Bharat Petroleum Corporation Ltd officials to discuss establishing an oil refinery and petrochemical complex, potentially attracting investments of Rs 70,000 crore. Naidu emphasized the state's strategic location and directed officials to prepare a feasibility report within 90 days. Additionally, Naidu engaged with VinFast's CEO to invite the Vietnamese automobile conglomerate to set up an EV and battery manufacturing plant in the state. Both initiatives reflect Naidu's commitment to fostering industrial growth and investment in Andhra Pradesh.
VinFast set to drive into India with locally assembled cars
VinFast, the EV arm of Vietnam's biggest conglomerate Vingroup, is expected to launch its first locally assembled car during the 2025 festive season. It is likely to sell its vehicles in the ?25-30 lakh range, placing them in the premium affordable segment of India's burgeoning market for EVs. The models are likely to have a range of 300-500 kilometres.
VinFast making a tiny EV for about Rs 8 lakh to change its fortunes. Is it coming to India?
Designed specifically for the Vietnamese and other Asian markets, the VF3 is priced for "mass appeal", according to VinFast. The VF3 might also appeal to Indian families looking for a compact car with a range suitable for getting around in India's crowded cities.
Chinese automakers retain grip over Southeast Asia's booming electric car market
Electric vehicle sales in Southeast Asia, led by China's BYD and Vietnam's VinFast, are surging, challenging Japanese and Korean firms in the internal combustion engine car market, as per Counterpoint Research. Japanese and Korean automakers lag in EV adoption, allowing Chinese OEMs to dominate the market.
VinFast pushes ahead with Asia expansion, expects to open India plant ahead of schedule
VinFast in January signed an agreement with the Indian state of Tamil Nadu to invest as much as $2 billion in the country as it seeks to break into one of the world¡¯s biggest auto markets. Work on the plant started in February, with an initial investment of $500 million.
India's electric car incentives limited to new investments: Officials
The Indian government's scheme to promote local production of electric cars will offer incentives only to automakers investing in new manufacturing facilities in the country, officials have revealed. Foreign firms, including those already operating in India, can apply for benefits under the Scheme for Manufacturing of Electric Cars (SMEC) but with no retrospective approval for previous investments.
Govt to hold 2nd meet with stakeholders to issue draft guidelines for new EV policy
The Ministry of Heavy Industries is drafting guidelines for the new electric vehicle policy to attract global automakers like Tesla. Automakers, including Vietnam's Vinfast, must invest as per the new norms to avail incentives under the Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI) approved on March 15, 2024.
Investments made in creating plant and machinery to qualify for sops under new EV policy
SMEC is aimed at incentivising investments in setting up electric vehicle (EV) manufacturing capacity by lowering import duties on a select number of cars. Under the new EV policy, announced in March 2024, beneficiaries need to invest $ 500 million for setting up electric car manufacturing facilities. They also need to comply with up to 50% minimum domestic value addition commitment.
Unfazed by impending entry of Tesla, new EV policy has safeguards: Mercedes-Benz India
Mercedes-Benz remains confident amidst Tesla's entry with cheaper EVs in India. The company welcomes new competition for market growth and EV adoption, backed by India's protective EV policy and government regulations to support existing manufacturers like Mercedes-Benz.
Luxury in electric cars means range and (much) more
??While the next-generation Roadster with record-setting acceleration, range and performance might offer a glimpse into the future, US-based Tesla, Vietnam¡¯s Vinfast, China¡¯s BYD and many other global luxury car makers may bet on premium feature-led electric models for the Indian market.
It is up to Tesla to lay down EV plant investment plans: DPIIT Secy
India's industry secretary, Rajesh Kumar Singh, has urged Tesla to announce its investment plans in the South Asian nation following the government's cut in import duty on electric vehicles. The department released a policy to boost EV manufacturing, and it is up to Tesla to make the announcements. Tesla plans to send a team to India for a proposed $2 billion to $3 billion electric car plant and increase purchases of auto parts from the nation to $15 billion.
Mercedes-Benz, BMW and Audi may steer clear of India's new EV policy
The luxury car makers that have already been present in India for decades would rather accelerate local assembly in the country as the money will need to be ploughed in within three years of receiving approval under the scheme, said auto executives. The aforementioned companies didn¡¯t officially comment on investments under the new policy.
India's new EV policy to help launch many eco-friendly premium-quality SUVs: VinFast Auto
The Indian government's new electric vehicle (EV) scheme aims to drive large investments in manufacturing, create competencies and upskilling, set up a robust supply chain and offer consumers world-class, zero-tailpipe emission vehicles, VinFast India CEO Pham Sanh Chau said in a statement.
VinFast echoes Tesla's demand for India to cut import duty on electric cars
Vietnamese electric vehicle maker VinFast has requested India to reduce import duties on its cars for about two years while a local manufacturing plant comes on stream in Tamil Nadu. VinFast hopes to start production, for domestic sales first and then exports, by the middle of next year. India is considering the requests but has not made a decision.
Ground breaking ceremony of VinFast takes place at Tamil Nadu's Thoothukudi facility
The ground breaking ceremony took place in the presence of Tamil Nadu chief minister MK Stalin along with the senior representatives of the Vin group. ET had reported on February 10 that the Vietnamese company that is looking to compete with the likes of Tesla was going to have its ground-breaking ceremony on February 25.
Just 50 days after signing MoU, TN CM lays foundation stone for VinFast's EV plant in south TN
Tamil Nadu CM, M K Stalin, laid the foundation stone for VinFast Auto Ltd's EV manufacturing facility with an investment of Rs 16,000 crore. The facility in Tuticorin will generate 10,000+ jobs, contributing to the Dravidian Model Economy and distributed industrial growth.
A Tesla rival is driving into India. What lies ahead for it
VinFast, a small electric vehicle (EV) maker backed by Vietnam's largest conglomerate, is expanding into India. The company plans to establish a $2 billion EV facility in Tamil Nadu and intends to build a nationwide dealership network. VinFast aims to offer affordable alternatives to Tesla in the Indian market and capitalize on the growing demand for EVs. Despite the challenges of the Indian EV industry, VinFast could have an advantage as one of the first EV-only companies operating in the country.
From Honda's Saloon to Hyundai's MOBION: The next-gen electric vehicles revealed at CES 2024
The Consumer Electronics Show (CES) 2024 showcased groundbreaking electric vehicle (EV) concepts. Honda debuted the Saloon and Space-Hub models from its 0 Series. Kia revealed its Platform Beyond Vehicle (PBV) strategy with the Concept PV5, Concept PV7, and Concept PV1. VinFast Auto presented the VF Wild, an eco-friendly and innovative electric pickup truck. Hyundai introduced the MOBION EV with advanced 'e-Corner System' motion technology.
Vinfast to build integrated electric vehicle facility in Tamil Nadu with total investment of $2 billion
The company, in a statement said that it has committed $500 million for the first phase of the project and that the total outlay will span five years from the commencement date.
Vietnam EV maker VinFast names founder as CEO, replaces CFO
Pham Nhat Vuong, 55, replaces Le Thi Thu Thuy, who had held the post since late 2021, VinFast said in a statement. Thuy, a finance expert, will serve as chairwoman and lead engagement with external stakeholders.
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