DAO to launch electric two-wheelers from Hyderabad

The China-based DAO Evtech Private Ltd., is all set to launch its first product in the electric two-wheelers segment from Hyderabad in February, 2020.

The company which is now operating from a leased space in Hyderabad hopes to set up an entire automobile complex and it is in talks with both Telangana and Andhra Pradesh, said Mr .Michael Liu, Chairman and CEO of the company.

Announcing the company’s product launch in the country from Hyderabad at a media conference here on Monday, Mr. Liu said that DAO EvTech decided to start from AP and Telangana as they were ideal markets to tap because of the affluent middle class.

He said the AP government showed interest in allocating land within 50 to 60 km from its Krishnapatnam port. The company requested for 200 acres of land and it hoped to get the land in the next six months.

Mr.Achutuni Balaji, CFO, said the company would invest $ 100 million in the proposed automobile complex in the next three years and in the initial phase $ 25- 30 million on electric vehicles. The facility would give direct employment to about 2,000 people and indirect employment to another 2,000 to 3,000 people. The leased space in Hyderabad has instrumentation and initial infrastructure. The company would roll out low speed electric two wheeler by February and high speed vehicle by April. It proposed to price its vehicles competitively, at least ₹20,000 lower than the market price of ₹1 lakh to ₹1.25 lakh. “Proven technology and costing will be our USP,” he said.

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Printable version | Feb 20, 2020 9:43:04 AM |

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