Dao EV Tech, a new smart electric mobility startup, has announced that it will invest Rs. 100 crore in the state of Tamil Nadu to expand its India operations. Focus of the company will be to make in India.
Along with unveiling Dao EV Tech’s line-up of electric vehicles, Dr. Michael Lui, chairman & CEO of Dao EV Tech said, "Tamil Nadu market is crucial to any EV two-wheeler manufacturer during the launch event. There are three basic reasons for this. First is, Tamil Nadu's capital, Chennai, has the highest two-wheeler penetration rate of 73 per cent, which is nearly double that of other major cities such as Mumbai and Bangalore.”
He added that the state has a sizeable population and with a huge chunk being the youth, Tamil Nadu has the potential to become an EV-friendly state. The company has plans to invest $100 million India, and a portion of it, Rs. 100 crore, will be earmarked for investment in Tamil Nadu. $20 million will set aside for development of new products as well. The company also aims to generate employment for 2,000 people over the next two years. A study by McKinsey & Company says that the Indian EV market has the potential to grow 20 times over, in the next four years, reaching 9 million units by 2030.
Dao EVTech already has active dealerships in Madurai, Polachi, Coimbatore, and Thanjavur in Tamil Nadu, with 20 more dealerships opening in and around Chennai.
