Wednesday, Dec 7 2022 | Time 23:32 Hrs(IST)
Business Economy

China-based DAO EVTech to set up first electric two-wheeler unit in India by 2020

Hyderabad, Dec 16 (UNI) Chinese electric two wheeler maker, DAO EVTech on Monday announced to set up its first manufacturing unit in India at Krishnapatnam in Nellore district of Andhra Pradesh by 2020 and the low speed first electric two-wheeler will hit Indian market by Feb next year.
Initially, the company would assemble vehicle from a temporary leased facility at outskirts of Hyderabad in Telangana and roll out low speed e-vehicles by Feb 2020 and hi-speed two wheeler e-vehicle by April , 2020, said DAO EVTech Director and Chief Financial Officer Balaji Achutuni i in a press conference here.
The company would invest up to $ 100 million in India over the next three years for setting up of automobile complex including manufacturing of cell batteries in Andhra Pradesh, he said in the first phase, we will invest about $ 30 million and gradually scale up the investments in a phased manner by creating entire ecosystem.
We already asked the AP government to provide 200 acres for the proposed plant, he said the proposed plant capacity would be around 5 lakh units per annum, however, we would produce between 500- 1000 units per month from the leased facility in Telangana.
Our price would be competitive against other competitor’s, he claimed and said currently 2-3 main companies are producing 2 lakh EVs annually against 75 lakh fuel based two-wheeler vehicles.
The market was very huge and it would take lot of time to migrate all fuel based vehicles into EV as the government of India targeted 30 per cent EV penetration by the year 2030, he added.
DAO EVTech Chairman and CEO, Michael Liu said that we decided to start from Andhra Pradesh and Telangana states because of rich country market reflected by the rice bowl of India and affluent middle class created from global outsourcing service.
After gaining 25 years of work experience in the global electric motorcycles industry, Michael said we decided to enter the Indian market with the objective to ride into a green future with Indian customers. The Urbanization of India is set to go up needing electric mobility.
DAO EVTech Chief Operating Officer Lana Zou, said, “We are making Internet Empowered Vehicles by developing and introducing the new technologies into India for the first time. Our warranty programme will be the best on the market which comes from our rigorous product development and manufacturing process.
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