DAO EvTech, an electric mobility startup, has plans to invest Rs 100 Crore in the state of Tamil Nadu and hire approximately 2,000 people by 2025.
DAO began production at its Chakan, Pune facility. This has allowed two-wheeler electric vehicle manufacturing capabilities, as well as investments from DAO Evtech LLC, a US-based company, and Michael Liu, its promoter.
Apart from the Rs 100 crore for Tamil Nadu, DAO EvTech plans to invest USD 100 million in India as well. Recently, the company showcased an electric vehicle line in the city.
Tamil Nadu is a crucial market for any electric two-wheeler manufacturer. Liu stated that Chennai has the highest two-wheeler penetration rate of 73%. This is twice the rate in major cities such as Mumbai and Bengaluru.
Liu said, “EV is a rapidly growing business that focuses more on young people who are open to technology. Tamil Nadu is an EV-friendly state because it has a large population. We will continue to invest USD 100 million in India, and in 2023 we will allocate USD 20 million for the development of new products.”
He added, “With this investment of USD 100 million, we have specially set aside Rs 100 crore in Tamil Nadu. He stated that we are aiming to create 2,000 new jobs over the next two years through our expansion strategy. The company has a dealer network in Madurai, Coimbatore, Pollachi, and Thanjavur.”
He stated that the goal was to open 20 dealerships in Chennai. DAO EvTech stated that it would be focusing on Tier II and III markets to expand its reach with its diverse product range.
“We will also offer the ZOR 405, in addition to our DAO 703. ZOR 405 can carry 220kg and has a low centre gravity. It also features a sturdy foot stand, dual suspension, and a strong load capacity.
