The brand is looking at investing Rs 500 crore for setting up a lithium-ion battery manufacturing facility
Evolet India, an electric vehicle brand based in India, is calculating on whether it should be setting up a manufacturing base in the state of Telangana. The company is looking forward to meet local, as well as international demands, using this facility.
It is to be noted here that Evolet India had launched its first EV back in 2019. This startup is a brain child of veterans of the defence forces of India.
Investing Rs 500 crore
The brand is looking at investing Rs 500 crore for setting up a lithium-ion battery manufacturing facility. Evolet India currently handles manufacturing at its Manesar, Haryana facility. The company has a capability of manufacturing 3.5 lakh two-wheeler per annum.
Evolet India, as per recent reports, is also looking for facilities where it can manufacture three- and four-wheeler electric vehicles. Evolet India is part of Rissala Group.
Prerana Chaturvedi, spokesperson, Rissala Electric Motors Pvt Ltd, in 2019 had said, “We want to come up with product that has no transportation cost and is affordable with good after-sales facility. Through informative marketing, we can educate the masses about e-scooters and ascertain the fact that these vehicles are more beneficial than other types of vehicles available in the market.”
The Indian electric car market size, as per a report by PS Market Research, was valued at $71.1 million in 2017 and is projected to reach $707.4 million by 2025, witnessing a CAGR of 34.5 per cent during the forecast period. Maharashtra had the highest sales volume in 2017 in the Indian electric car market.
