Tesla Rival Vinfast to Soon Start Business in India

The market for electric vehicles (EV) has grown rapidly in the last few years. Apart from Indian automobile companies, some international companies have also launched their models. Vietnam’s electric vehicle company Vinfast can also start business in the country soon.

According to a media report, it can showcase its first EV for the country’s market at the Bharat Mobility Global Expo to be held in January. Vinfast’s portfolio includes models like VF e34 and Vf7 SUV. Earlier, testing of some models of the company was seen. It can start its business in the second half of next year. It will be the second fully EV company to enter the country’s market after China’s BYD. Vinfast’s first product could be VF e34. It will compete with the upcoming eVitara from the country’s largest car maker Maruti Suzuki and Hyundai’s Creta Electric.

VF e34 is being sold in the international market. The 41.9 kWh battery pack of this EV gives a range of more than 310 kilometers. It can be charged 10-70 percent in 27 minutes using a fast charger. The top speed of VF e34 is around 130 kmph. Vinfast is considered a rival of Tesla which has a major share in the international EV market. In February this year, the company started construction of its plant in Tamil Nadu. Along with selling in the country, the EVs manufactured in this factory will also be exported. The annual capacity of this plant will be around 1.5 lakh units.

Like Tesla, VinFast had also demanded reduction in import duty on EVs. Big automobile companies like Tata Motors are opposing the reduction in import duty on imported EVs. In India, the world’s third largest vehicle market, the central government is considering reducing the import duty on EVs, but no decision has been taken in this regard. The share of electric cars in the total car sales in the country is about two percent. The government has set a target of increasing it to 30 percent by 2030.