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VinFast, the electric vehicle arm of Vietnam’s Vingroup, is preparing a bold entry into the Indian market- setting the stage for direct competition with Tesla. With bookings for its vehicles scheduled to open this month, VinFast is banking on its VF7 and VF6 models to establish itself as a premium EV brand in one of the world’s fastest-growing auto markets.Pham Sanh Chau, CEO of VinFast Asia and Vietnam’s former ambassador to India, confirmed that the company aims to launch its vehicles ahead of the upcoming festive season. “We have our products in 16 countries, including Southeast Asia, the Middle East, the US… and VinFast will come to India with an entire ecosystem. Our first target is to position ourselves as the premium EV car in India through the VF7 and VF6, which we plan to roll out in the country by the festival season this year,” said Chau, as quoted by news agency PTI. Though Tesla is widely expected to enter the Indian market with fanfare, Chau downplayed notions of rivalry. “We don’t see Tesla, or even BYD for that matter, as competition. Our mission is green mobility. Anyone who shares that dream will be our friend,” he said. Still, VinFast’s plans clearly signal its intent to compete in the same space Tesla is eyeing- affluent urban buyers willing to pay a premium for electric innovation.“In Vietnam, we are the biggest selling car company, the largest charger and taxi service provider. We have done everything in Vietnam, and this is the time for us to go global. We wanted to enter India as it is a growing, dynamic automobile market,” Chau announced talking about expanding in India.VinFast has already invested $500 million in its new manufacturing facility in Thoothukudi, Tamil Nadu, with a total outlay of $2 billion committed by 2030. The plant, completed in just 15 months with strong state and central government support, will serve both the Indian market and export destinations in the Middle East and Africa. Initial production capacity is pegged at 50,000 units annually, with a ramp-up to 150,000 planned based on demand.To support its launch, VinFast will showcase its models at high-traffic locations such as shopping centres and airports before bookings open. The VF7 and VF6, currently manufactured in Vietnam, will be imported initially, though localisation is central to the company’s long-term strategy. “Localisation will help with government incentives, reduce costs, and make us more competitive,” Chau also said, adding that the company does not currently benefit from duty exemptions in India.Pricing has not yet been finalised, but Chau promised it would be “affordable” despite the premium positioning. “India is a sensitive market, and we will have an affordable price,” he said, while stressing the VF7 and VF6 will be “premium vehicles.”Beyond manufacturing, VinFast is laying the foundation for an EV ecosystem in India. This includes dealer networks, authorised service centres, charging infrastructure, and a used vehicle exchange program. Talks with state governments are underway to establish charging stations, with Chau expressing confidence in attracting support from Indian investors as well.By 2030, VinFast expects to employ up to 3,500 local workers, having already interviewed hundreds of engineering graduates from Tamil Nadu, accordingto Chau’s statement to PTI. The company’s expansion plan reflects a deep commitment to India, which Chau described as a “growing, dynamic automobile market.”
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Modi’s Asia Double Play: Japan Now, China Next — What India Wants (and Risks)
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[ad_1] Cosmetics maker L’Oreal agreed to acquire a majority stake in British skincare brand Medik8, in a strategic move to strengthen its presence in the booming skincare market. The French beauty giant announced the deal on Monday, though financial terms were not disclosed.The transaction, which sees UK-based private equity firm Inflexion selling its majority holding, reportedly values Medik8 at around 1 billion Euro, according to a source familiar with the matter. Inflexion will retain a minority share, while L’Oreal has secured the option to eventually buy out all remaining shareholders, Reuters reported.“We are delighted to welcome Medik8 to the L’Oréal family. As a premium skincare range, with high levels of proven efficacy at an accessible price point, Medik8 perfectly complements our existing skincare portfolio,” Cyril Chaupuy, president of L’oreal Luxe said.“This acquisition further strengthens L’Oreal’s luxe portfolio, adding a premium […]
270 million pulled out of poverty! How Modi government achieved a remarkable dip in extreme poverty & what’s the road ahead? Explained
[ad_1] India’s GDP has more than doubled in the last decade, and experts believe that this has trickled down to the poorest. (AI image) Marking a big achievement over the last decade, extreme poverty in India has dropped substantially from 27.1% in 2011-12 to 5.3% in 2022-23, according to the latest World Bank data. The remarkable progress under the Narendra Modi government has come despite the World Bank raising its poverty threshold to $3 per person per day from $2.15 per person per day earlier.Incidentally, India’s huge reduction in extreme poverty comes at a time when globally there has been an increase in the number of people below the poverty line. According to a government fact sheet, India has emerged a statistical outlier in the positive direction.The latest data is being seen as a boost in the government’s economic growth […]
Ayodhya land prices: Circle rates revised first time in 8 years; soar up to 200%
[ad_1] For the first time in eight years, Ayodhya has seen a sharp revision in its circle rates, with property prices rising between 30% and 200% across various parts of the district, officials told PTI.The prices are particularly steep within a 10-kilometre radius of the Ram Janmabhoomi Temple, an area witnessing a real estate boom fuelled by religious tourism and rapid infrastructure growth. Here, circle rates have jumped over 150%, pushing land values in the prime zone to Rs 26,600–27,900 per square metre, compared to Rs 6,650–6,975 earlier.Shanti Bhushan Chaubey, sub-registrar of Sadar (Faizabad) tehsil, said the hike followed a proposal submitted last September. “After addressing objections, the new circle rates were approved by District Magistrate Tikaram Funde and have now been enforced,” he said.According to Chaubey, the sharpest hikes were recorded in areas with the most land activity. “Localities […]
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