DAO EVTech, Chinese electric two-wheeler manufacturer, is planning to set up a manufacturing unit in the state of Andhra Pradesh.
It is planning to roll out its first electric model, a slow-speed two-wheeler by February 2020.
The company, which will initially assemble them from a temporary leased facility in Telangana and roll out e-vehicles, intends to make investment up to USD 100 million in the country over the next three years for setting up a new manufacturing complex near Krishnapatnam in Andhra Pradesh.
The company expects to infuse around USD 30 million in Phase-I and gradually raise these investments in a phased manner by creating its ecosystem.