According to Business Insider’s report, US-based electric vehicles (EV) maker Triton, which is a competitor of Tesla Inc, has signed an agreement (MoU) with Telangana Government to set up an Electric Vehicle manufacturing facility in the state’s Zahirabad area.
Principal Secretary (IT and Industries) Jayesh Ranjan and Triton Electric Vehicle Pvt. Ltd CEO & Founder Himanshu B. Patel signed the MoU in the presence of the minister and other officials.
This new facility will create close to 24,000 jobs in the state, Triton EV and the Telangana government said.
Triton EV is planning to invest about $1.5 billion in this manufacturing facility over the next five years, the company said in the statement. The first tranche- $300 million will be infused in the upcoming months.
Triton Electric Vehicle Pvt. Ltd CEO & Founder Himanshu B. Patel informed the Minister that their company is fast expanding to cater to the increasing demand for electric vehicles. He added that the company has looked into investment opportunities in various states across the country and finally decided to set foot in Telangana after seeing its friendly industrial policies.
“We are excited to know about Triton EV’s expertise and vision for the EV market… Industrial policy of the state which is proactively crafted towards fast process driven decision making and action towards bringing new investments in the state,” Kalvakuntla Taraka Rama Rao (also known as KTR), Telangana’s Minister for Municipal Administration & Urban Development, Industries & Commerce, and IT said on the occasion.
The manufacturing facility will produce Triton EVs not only for the Indian market but also for Bangladesh, Sri Lanka, Nepal and the entire Middle East region.
Notably, rival Tesla is also set to make an entry into India this year and plans to set up a research and development (R&D) unit in Bengaluru.
However, Tesla will only be focusing on selling in the Indian market and not manufacturing here. However, the Indian government has been trying to attract the Elon Musk-led company into manufacturing in the country by giving subsidies and other benefits.
According to sources, Tesla started recruiting for leadership and senior-level roles in India and has hired for positions including Head of Sales and Marketing, and Head of Human Resources.
Triton EV’s first electric vehicles are zero-emission electric passenger cars, buses, semi-trucks, and three-wheelers. These vehicles are part of Triton EV’s integrated transportation ecosystem which also includes charging infrastructure and digital products, the company said.
