HYDERABAD: Hyderabad-based electric mobility solutions and services company, ETO Motors, on Monday, said it has inked a memorandum of understanding (MoU) with the government of Telangana to set up a greenfield manufacturing facility for its range of electric 3 wheelers at an investment of Rs 150 crore. The plant, that will be built over a period of five years, will generate over 1,500 jobs.
Commenting on the development, NK Rawal, managing director, ETO Motors said, “The new EV policy 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 new plant will help us cater to the increasing interest we are witnessing from the e-commerce and 3rd 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.”
ETO uses lithium-ion batteries in its electric three-wheelers that give a range of up to 120km in a single charge. While its passenger vehicle has the capacity to carry three passengers with a driver, its cargo version can carry a cargo load of over 500kg, it said.
