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VinFast to launch premium electric SUVs in India, priced below ₹30 lakh

VinFast to launch premium electric SUVs in India, priced below ₹30 lakh

Vietnamese electric vehicle (EV) maker VinFast, a global all-EV original equipment manufacturer (OEM), is preparing to enter the Indian market. The company plans to launch two premium electric SUVs, the VF6 and VF7, which are expected to be priced under ₹30 lakh.

VinFast unveiled the VF6 and VF7 SUVs at the India Auto Show in New Delhi.

Speaking to CNBC-TV18, VinFast CEO Pham Sanh Chau said that the company aims to position these cars in the premium SUV segment while keeping them affordable.

The company plans to commence sales in India by the end of the first half of 2025. Production is expected to begin by mid-2025.

VinFast is currently evaluating whether to import the vehicles as completely built units (CBUs) or manufacture them locally during the initial phase.

The company had committed $500 million and began construction on its Indian facility in early 2024. However, the Indian government later classified the project as a brownfield investment, making it ineligible for incentives under the SMEC (Special Manufacturing and Export Cluster) scheme.

“VinFast is in discussions with the Indian government and hopes to be considered for duty concessions under India’s new scheme,” the VinFast CEO said.

Nasdaq-listed VinFast, which counts North America and Vietnam as its primary markets, is aggressively pursuing expansion in other regions. However, the automaker has been facing deepening losses as global EV demand slows.

In India, VinFast will compete with domestic rival Mahindra & Mahindra and China’s BYD, both of which already have a presence in the world’s third-largest car market.

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