Electric mobility startup DAO EvTech on Sunday said it has planned to invest Rs 100 crore in Tamil Nadu and employ about 2,000 people by 2025.
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DAO commenced production at its facility in Chakan, Pune and has enabled two-wheeler electric vehicle manufacturing capabilities and investments from US-based DAO Evtech LLC and its promoter Michael Liu.
The company, which recently showcased a new line of its electric vehicles, has planned to invest $100 million in India apart from the Rs 100 crore for Tamil Nadu.
“Tamil Nadu market is crucial to any EV two-wheeler maker. Chennai has the highest two-wheeler penetration rate at 73 percent, which is double that of major cities like Mumbai and Bengaluru,” Liu said. “EV is a growing business that is more focused on young individuals who embrace technology quickly.
“The state has a large population making Tamil Nadu an EV friendly state. We will continue investing USD 100 million in India and in 2023, we will set aside USD 20 million for the development of novel products,” Liu said. “With our expansion strategy, we expect to generate 2,000 new positions over the next two years,” he said.
The company currently has a dealership network in Madurai, Pollachi, Coimbatore and Thanjavur. On strengthening its footprint, DAO EvTech said the company would focus on Tier II and III markets with its varied product range. “In addition to our flagship DAO 703, we will offer the ZOR 405.
With a 220 kg load capacity, ZOR 405 has a low centre of gravity, sturdy foot stand and Dual suspension.” the company said.
Source @Indianstartupnews
