In order to strengthen its EV expansion strategy in the rapidly expanding Indian electric vehicle industry, Vietnamese EV manufacturer VinFast invests $500 million in a Tamil Nadu production factory and collaborates with myTVS to open 120 service workshops throughout India.
VinFast, a Vietnamese electric vehicle (EV) manufacturer, is expanding its footprint in India through a strategic alliance with myTVS, a top automotive service provider in the nation. The partnership intends to establish 120 Extended Service Workshops throughout India, encompassing dealerships, service centres, and charging infrastructure in Tier 2 and Tier 3 towns as well as urban areas. Delivering after-sales support that satisfies international standards and fosters customer trust in EV adoption is the aim.
With forecasts indicating a compound annual growth rate (CAGR) of 23.4% between 2024 and 2033, the Indian EV industry is expected to grow rapidly and reach an estimated value of over $2 trillion by the end of the decade. However, a recent analysis by the Indian Brand Equity Foundation (IBEF) found that inconsistent after-sales service continues to be a major problem.
VinFast is also investing in a manufacturing plant in Thoothukudi, Tamil Nadu, to expand its reach. This plant has the potential to produce up to 150,000 EVs annually. This facility is the result of a $500 million capital expenditure spread over five years that was committed to in a Memorandum of Understanding with the Tamil Nadu government in January 2024.
“Our partnership with myTVS highlights our long-term commitment to India and our focus on delivering outstanding customer experience,” stated Pham Sanh Chau, CEO of VinFast Asia. We facilitate India’s transition to sustainable mobility and seek to establish dependability and confidence with our clients by constructing a robust service infrastructure.
MyTVS CEO Natarajan Srinivasan went on, “By utilising our technologically advanced after-sales platform, this partnership will assist VinFast in rapidly scaling up.” It also emphasises myTVS’s dedication to offering clear, practical, and superior automotive services in order to help India’s expanding auto industry.
Two high-end electric SUVs, the VF 7 and VF 6, with smart screens and automated software upgrades designed for tech-savvy customers, have already been introduced by VinFast in India. In order to increase its market share in Asia, North America, and Europe, the corporation intends to duplicate this integrated sales and service approach.
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