DAO EVTech, a smart electric mobility manufacturing startup with a Make In India focus, has proposed to invest Rs 100 crore in Tamil Nadu. Dr. Michael Liu, Chairman and CEO of DAO EVTech, stated that the “Tamil Nadu market is crucial to any EV two-wheeler manufacturer during the launch event. There are three basic reasons for this. The first is Tamil Nadu’s capital 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 Tamil Nadu an EV-friendly state. Any quality product supplier, like DAO, is encouraged to enter this market by the state’s welcoming culture and its citizens’ attention to detail, commitment to excellence, and logical analysis
We will continue investing $100 million in India, and in 2023, we’ll set aside $20 million for the development of novel products. With this $100 million investment, we have specifically set aside Rs. 100 crores for Tamil Nadu. With our expansion strategy, we expect to generate 2000 new positions over the next two years.”
