VinFast exploring options with Adani Group, Megha Engineering for joint venture

Akash Patil

22 Nov 2024, 01:34 PM

1 Mins read

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Vietnamese electric vehicle manufacturer VinFast is in talks with Hyderabad-based Megha Engineering & Infrastructures (MEIL) and the Adani Group for potential partnerships as it gears up to roll out cars 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.

Furthermore, VinFast’s plan includes launching electric cars from its Tamil Nadu factory in 2025 and presenting its models at the Bharat Mobility Expo next year. VinFast is planning to raise a portion of the funds locally and take use of local knowledge in labor relations, regulatory compliance, and building a cost-effective supplier base, which is what led the company to decide to look for local partnerships.

Concerns Over India’s EV Policy

Initially enthusiastic about the Indian government’s new EV policy, which offers import tax benefits for companies investing $500 million in local manufacturing, VinFast now appears hesitant to participate in India’s new electric vehicle (EV) policy.

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