Vietnamese EV maker VinFast enters India; launches two premium SUVs

NEW DELHI: Vietnamese electric carmaker VinFast became the latest company to enter India as it drove in two green SUVs, VF6 and VF7, on Saturday, debuting the vehicles during the festive period.The company, which has set up a factory in Tamil Nadu, priced the VF6 — which comes strapped with a 59.6 kWh battery and promises a top range of 468 kms — at Rs 16.5 lakh (ex-showroom). The VF7 – which also comes with a bigger 70.8 kWh battery and has a peak range of 532 kms -– has a starting price of Rs 20.9 lakh.The company hopes to close this year with a retail network of around 35 outlets, and is looking to grow its reach gradually as it expands production and its model line-up.Pham Sanh Chau, CEO of VinFast Asia, said the company has set up a production capacity of 50,000 units in the first phase. “We plan to add another 1.5 lakh units to our output as we move into the second phase of expansion.”VinFast was initially seen as keen to participate in the govt’s EV policy that allows subsidised import for 8,000 units annually if a company is ready to invest around $500 million in India for a factory. However, Chau – a former Vietnamese diplomat in India – said the company decided not to opt for the policy and rather work faster on its local factory.“We are bullish on India and plan to expand across categories. These include launching electric two-wheelers, commercial vehicles, and setting up a charging network. We are also exploring diversification into other business segments such as the hospitality sector,” the VinFast official said.The company wants to expand its line-up in India at a fast pace. “Our plan is to launch one new car every six months.”The govt has kept a 5% GST on electric cars to promote their adoption, even while fixing 18% for smaller vehicles, and 40% for bigger cars and SUVs.