VinFast has announced a new investment of $500 million to grow its production operations in India, marking another major step in its expansion into one of the world’s fastest-growing electric vehicle markets. The company already operates a manufacturing facility in Thoothukudi, Tamil Nadu, and this new investment is part of the second phase of its larger $2 billion plan for the country.

As VinFast consolidates its position in an emerging market like India, its North American competitors like Lucid Motors (NASDAQ: LCID) are working to conquer their domestic markets before venturing into…

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