London-based Laureti Automotive Corporation is in process of investing USD 370 million (around Rs 2,577 crore) for setting up a manufacturing facility at Puducherry. The facility will have an initial capacity of 10,000 vehicles per annum which will be scaled up to 20,000 units by 2023.
It also plans to drive in an electric SUV, DionX, in India in 2021 as part of its plans to provide clean mobility solutions in the country. DionX and its components will be manufactured and assembled at the facility.
It is scheduled to commence operations in Q3/2021. The model, which the company claims to have a range of 540 km on a single charge, will be launched simultaneously in European and Indian markets in 2021.
The Puducherry government has been proactively assisting the company for the past 14 months to set up the facility.