DAO EvTech to Invest Rs 100 Crore in Tamil Nadu, Plans to Hire 2,000 New Employees
- ByStartupStory | March 6, 2023
Electric mobility start-up DAO EvTech has announced its intention to invest Rs 100 crore in Tamil Nadu and create roughly 2,000 jobs by 2025, according to a statement released on Sunday. The company, which has started producing two-wheeled electric vehicles at its plant in Chakan, Pune, has received funding from US-based DAO Evtech LLC and its promoter, Michael Liu.
DAO EvTech, a leading electric vehicle company, has announced its plan to invest USD 100 million in India, in addition to the Rs 100 crore earmarked for Tamil Nadu. The company recently unveiled its latest line of electric vehicles in Chennai, acknowledging the city’s importance as a key market for EV two-wheeler manufacturers. Chennai boasts the highest two-wheeler penetration rate in India, with a staggering 73% market share, which is twice that of other major cities like Mumbai and Bengaluru, according to Liu, a spokesperson for DAO EvTech.
Liu, a spokesperson for DAO EvTech, a burgeoning EV company, stated that the EV industry is rapidly expanding and is particularly appealing to tech-savvy young people. Due to its large population, Tamil Nadu is an ideal state for EVs. The company has pledged to invest USD 100 million in India, with USD 20 million earmarked for novel product development in 2023. DAO EvTech has allocated Rs 100 crore of this investment specifically for Tamil Nadu and plans to create 2,000 new jobs in the region as part of its expansion strategy over the next two years.
DAO EvTech presently operates dealerships in Madurai, Pollachi, Coimbatore, and Thanjavur. The company’s objective is to open 20 dealerships in Chennai, with a particular emphasis on expanding its presence in Tier II and III markets, and to offer a diverse range of products. The company intends to offer its flagship model, the DAO 703, as well as the ZOR 405, which can carry up to 220 kg and has a strong footrest and dual suspension with a low center of gravity. According to the company, this will bolster its presence in the EV industry.
Follow Startup Story
Related Posts
