DAO EVTech plans $100 million e-bike plant in Andhra
To launch its first electric two-wheeler in TS, AP in Feb next year
Hyderabad: Dao EVTech, which is into the manufacture and sale of electric two-wheelers in China and US, is looking to set up a Greenfield manufacturing plant in Andhra Pradesh, with an investment of $100 million (nearly Rs 710 crore).
The e-bike maker is looking for a 200-acre land parcel near Krishnapatnam port in Andhra Pradesh, where it can establish the new plant which will eventually have a manufacturing capacity of 5 lakh units per year.
"Having 25 years of global experience in the electric two-wheelers segment, we look at India as a promising market for e-vehicles. Our products will initially go on sale in Telangana and Andhra Pradesh next year.
Subsequently, we will go pan-India," Michael Liu, Chairman and CEO, Dao EVTech Private Limited, told the media here on Monday.
DAO EVTech which currently has operations in the China and US, markets a wide range of e-vehicles in those countries.
It plans to launch its first e-vehicle in February next year. To market its products, it looks to set up 25 dealerships in two Telugu states.
"It is a fact that electric vehicle ecosystem is at nascent stage in India and battling perception and infrastructure issues.
Our models will change the market dynamics in India and encourage more and more people to buy electric two-wheelers," Liu maintained.
Achutuni Balaji, company's CFO, said: "E-vehicles are the need of the hour. They help in controlling the air-pollution and ensures no harm to the environment.
Also, the Government of India targeted 30 per cent EV penetration by the year 2030, which bodes well for the country and the sector".