VinFast plans to develop two India-specific EVs in strategy shift, sources say

Business Recorder, citing Reuters, reported that VinFast is considering two new electric vehicles for India, codenamed VF X and VF Y, according to five sources. The plan comes just weeks after the Vietnamese carmaker halted plans to manufacture some of its global models in the country. Talks with Indian suppliers are at an early stage, and the sources said the plans could still change.

The VF X is pitched as an entry-level model with a target price below $12,000, roughly what the VF 3 costs in Vietnam. VinFast currently sells the VF 6 and VF 7 in India, importing them as kits from Vietnam and assembling them locally. The VF 6 base model is about $19,000 and the VF 7 starts at $24,250, and the company has said it will keep assembling both.

VinFast has pledged $2 billion for India, where its first factory outside Vietnam opened last year with an initial capacity of 50,000 cars a year, scalable to 150,000. The company began selling in India in September 2025 and has retailed about 10,000 vehicles so far. Electric models make up over 7% of car sales in the country, and the government wants that share to reach 30% by 2030.