Chennai, Dec. 5 -- Vietnam's electric car maker VinFast has decided to invest USD 500 million in Thoothukudi in Tamil Nadu, to develop new dedicated workshops and production lines for electric buses and e-scooters, covering manufacturing, assembly, testing and other related operations, the company said.
According to VinFast, the fresh investment is its second phase of investment out of USD 2 billion planned in Tamil Nadu.
To this effect, VinFast and the Tamil Nadu government has signed a Memorandum of Understanding for the allocation of 200 hectares or about 500 acres of land in the SIPCOT Industrial Park in Thoothukudi adjacent to the company's existing facility.
For VinFast's proposed USD 500 million investment, the Government of Tamil...