DAO EVTECH to invest Rs 100 crore in Tamil Nadu
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DAO EVTech has also started production of two-wheeler electric vehicles at its plant in Chakan, Pune. It has received investment from American firm DAO EVtech LLC and its promoter Michael Liu.
Chennai. Electric vehicle startup DAO EVtech will invest Rs 100 crore in Tamil Nadu by 2025 and hire around 2,000 people. The company gave this information on Sunday. DAO EVTech has also started production of two-wheeler electric vehicles at its plant in Chakan, Pune. It has received investment from American firm DAO EVtech LLC and its promoter Michael Liu. Speaking at an event here, Liu said the company plans to invest $100 million in India. Apart from this, Rs 100 crore has been set aside for Tamil Nadu. The company recently showcased the new electric vehicles in Chennai.
Liu said, “Tamil Nadu is an important market for any company making two-wheeler electric vehicles. Chennai has the highest two-wheeler penetration at 73 per cent and this figure is double that of major cities like Mumbai and Bengaluru. . As part of our expansion strategy, we will also be recruiting around 2,000 positions over the next two years.” The company currently has distributors in Madurai, Coimbatore, Thanjavur and Pollachi. In the near future, the company plans to have 20 new distributors in Chennai alone.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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