Competition is the very nature of a business and any business would not sustain itself if it denies this nature of the market. Well, now Elon Musk’s Tesla is supposed to get into a competition. The competitor for Tesla is not from America, the United Kingdom, or China, well the company trying to compete with Tesla is from Vietnam. An EV company from Vietnam, VinFast is planning to get into a head-on competition with Tesla in India. In this article, we will let you know what is VinFast trying to do and what is its plan for India.
In the starting months of 2023, Tesla CEO and founder Elon Musk was in talks with the Indian Government in order to plan a Tesla Factory in India. After a few discussions and debates, Elon took back his decision due to the unfulfillment of his demands regarding tax reduction by the government.
However, the news surfaced again about Mr. Modi and Elon that they are in talks in the month of July. The meeting was held in America when our prime minister was on an official tour of America. This meeting was held a few months after the Indian government revised its plans for allowing EVs to come into the market. The government further added a few offers and taxation policies under the FAME subsidies to make the Indian market suitable for newly emerging EV developers and customers.
After the meeting, Elon expressed his gratitude to the Indian Prime Minister and gave positive news about Tesla coming to India by 2024.
There is no doubt that after the government introduced the FAME subsidies automobile companies saw India as a suitable market for EV development and customer base. According to statistics India has proven to record a huge growth in the EV industry. This has also inspired the Vietnam-based EV maker to plan to enter the Indian market. According to reports VinFast, the EV manufacturing company is going to enter India and is planning to set up its factory in Tamil Nadu or Gujarat. Both of these states are closer to the sea which will impower import and export easily.
Written By: Akarsh Anant
Also Read:Tesla To Set Up Office In Pune, This Will Be There Road Map In India
