New Delhi will move slowly in considering the tax cut as any lowering of taxes on imported EVs could disrupt the market and upset local players, sources said

The moves followed reports that South Korea's Star Group Industrial, which supplies magnets to VinFast and Hyundai, is investing $80 million in a new factory in Vietnam

The cash-burning company is currently worth $35 billion, down from $85 billion in its Wall Street debut, that valued the carmaker twice as much as Ford and General Motors

Chinese brands such as BYD, Nio and SAIC's MG, which have raced past foreign rivals to top sales rankings at home, will have to overcome a new set of challenges to thrive in Europe

The automaker remains far behind its sales targets and faces tough competition in an industry where an increasing number of players are burning cash and facing an intense price war

Analysts say the price tag on VinFast's planned merger is not realistic given that the EV-maker continues to burn cash and is in very early stages of its US business

Together, the unusual coalition of competitors, aims to roll out 30,000 chargers in North America, which would be significantly higher than Tesla's fast-chargers

The deal is win for Xpeng, one of the smaller players in China's EV sector, that is less than a decade old

The investment proposal also includes a plan by BYD to set up charging stations in India and build research and development and training centres

Experts say latest data coming in from China pointed to the world’s biggest EV market recovering from a slump and getting “back on the fast-track"

Bill Ford, the great-grandson of company founder Henry Ford, also addressed criticism from US senators like Marco Rubio on the automaker's plans to partner with Chinese battery company CATL

The investment, from a British consortium that includes mining giant Glencore, will go into a wind energy-powered industrial park on Sulawesi island