HOP Electric Mobility to invest Rs 100 crore to expand EV manufacturing capacity

HOP Electric Mobility, a diversified business venture of Rays Power Infra, is looking at investing Rs 100 crore over the next two years to expand manufacturing capacity for electric vehicles.

The company currently has a manufacturing unit at Jaipur in Rajasthan with a production capacity of 50,000 vehicles per annum, which can be expanded to roll out 100,000 units every year. HOP Electric plans to set up a second manufacturing facility, which will take the total capacity to 500,000 units per year by 2023. The company is looking at raising resources to fund its expansion plans.