Chinese electric two wheeler maker DAO EVTech has announced plans to set up a manufacturing unit in Andhra Pradesh and roll out of its first electric model, a slow speed two wheeler by February 2020.
The company, which will initially assemble them from a temporary leased facility in Telangana and roll out e-vehicles, plans to invest up to $100 million in India over the next three years for setting up a new manufacturing complex near Krishnapatnam in Andhra Pradesh,
“In the first phase, we expect to invest about $30 million and gradually ramp these investments in a phased manner by creating its ecosystem,”Achutuni Balaji, Director and Chief Financial Officer of DAO EVTech said.
With 25 years of global experience in the electric two-wheelers segment, and having a portfolio of scores of models, the company is looking at India as a big unfolding market for electric vehicles, Michael Liu, Chairman and CEO of DAO EVTech, said.
Michael Liu said, “After gaining 25 years of work experience in the global electric motorcycles industry, 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.”
Lana Zou, Chief Operating Officer, 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.”
In the first phase, the company plans to introduce slow speed two wheelers and gradually expand its product portfolio. The company will engage young entrepreneurs and work towards developing a dealer network.