ETO Motors, an electric mobility solutions and services company, announced that the company has signed a Memorandum of Understanding with the Government of Telangana to set up a greenfield manufacturing facility in the state for its range of electric three-wheelers.
The manufacturing facility will be set up under its subsidiary Keto Motors, with an investment of Rs 150 crores over the next five years. The project will generate employment of over 1,500 people, said a press release issued by the company.
The products range under the company includes ergonomically designed zero-emission electric three-wheelers in passenger as well as in the cargo segment.
Speaking on the development, Mr. NK Rawal, Managing Director, ETO Motors, said, “The new EV policy of Telangana Government is aimed to create a sustainable ecosystem for EVs in the state including manufacturing, design, and adoption. It also comes at the right time when the EV segment is poised to grow at a significant rate considering the demand from the booming e-commerce side apart from policy push from the central government. The tail-wind being created from the demand and policy perspective makes us bullish for the electric vehicle segment. The new plant will help us cater to the increasing interest we are witnessing from the e-commerce and third-party logistics players in our products that are not only equipped to handle the decent load but are also capable to run in diverse terrains.”