EV co DAO to invest Rs 100 crore in TN

CHENNAI: DAO EVTech is a smart electric mobility manufacturing start-up with a Make In India focus, keen on establishing a significant presence in India.

On Thursday, its new line of electric automobiles was unveiled in Chennai by chairman-CEO Dr Michael Liu.

Liu said TN market is crucial to any EV two-wheeler manufacturer. Highlighting the key reasons, he said first is Chennai has the highest two-wheeler penetration rate of 73%, which is nearly double that of other major cities such as Mumbai and Bangalore. EV is a growing business that is more focused on young individuals who embrace technology quickly, and the state has a large population, making TN an EV-friendly state.

“We will continue investing $100 million in India, and in 2023, we’ll set aside $20 million for the development of novel products. Out of this, we have specifically set aside Rs 100 crore for TN. With our expansion strategy, we expect to generate 2000 new positions over the next two years.”

Noting that India is involved in the global EV shift, he said the EU has set a goal for its member states to switch to 100% EVs by the year 2035, while China has already reached a 4W EV penetration rate of 40% and the US is committed to achieving 50% EV penetration by that same year. DAO EVTech already has active dealerships in Madurai, Pollachi, Coimbatore, and Thanjavur. It has plans to open 20 dealerships in Chennai.