Dao EVTech Announces Rs. 100 Crore Investment in Tamil Nadu

Dao EVTech is a EV scooters manufacturing startup that is based out of Chakan near Pune, Maharashtra. The company intends to allocate Rs 100 crore towards investment in Tamil Nadu. Currently, the company operates 22 showrooms throughout India, and it aims to expand that figure with the aid of this investment.

Dao set to broaden dealer network across Tamil Nadu- Catching up on the details.

Dao EVTech has established operational dealerships in Tamil Nadu, specifically Madurai, Pollachi, Coimbatore, and Thanjavur. Moreover, the brand intends to open 20 additional dealerships in Chennai, which will be fully operational in the coming months. 

Currently, Dao is concentrating on improving and expanding the connectivity of its dealerships and plans to use Chennai as the hub to meet the regular demand for Tier 2 and Tier 3 cities in the vicinity.

According to Dr Michael Liu, who serves as the Chairman and CEO of Dao EVTech, the Tamil Nadu market is vital for any electric two-wheeler manufacturer. He cites three primary reasons for this. Starting with the fact that Chennai has the highest two-wheeler penetration rate at 73 percent. 

This is almost twice as much as other major cities like Mumbai and Bangalore. Additionally, the EV sector is growing rapidly and appeals to young, tech-savvy individuals, while Tamil Nadu's large population makes it a welcoming state for electric vehicles.

In addition, Dr Michael Liu mentioned that the company plans to invest $100 million in India and allocate $20 million for developing new products in 2023. They anticipate creating 2000 job opportunities within the next two years as part of their expansion plan. 

The Tamil Nadu government has recently revealed its favourable EV policy that supports electric vehicle manufacturing. As a result, Ola Electric has signed a Memorandum of Understanding with the government to establish a new EV hub in the state.

Interested in reading Sales Report February 2023: Hero MotoCorp Sales Experiences 10.11% Growth YoY.

 

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