Why VinFast Stock Is Falling Fast
Shares of Vietnamese carmaker VinFast Auto (NASDAQ: VFS) skidded 6.5% through 1:55 p.m. ET Monday on bad news out of India.
As The Hindu BusinessLine reported Sunday evening, a plan to have VinFast build a $2 billion car plant in Tamil Nadu, in southern India, is falling apart because of "confusion" over Indian government policy on electric vehicles (EVs).
VinFast signed a Memorandum of Understanding with the Indian government on Jan. 6, 2024, and has already started work on its Indian factory. But at a meeting Thursday with India's Ministry of Heavy Industries, says BusinessLine, VinFast was told it won't receive subsidies for EV production until India has decided on a formal policy to support EV investment -- which hasn't yet happened.
Source Fool.com
