Tesla’s Rival In India: Triton To Invest Rs 2,100 Crore, Create Over 25,000 Jobs In Telangana With New EV Factory
The US-based electric vehicle manufacturer Triton will invest Rs 2,100 crore in Telangana for the new establishment.
The project would lead to the production of over 50,000 vehicles over the first five years, and it will include semi-trucks, sedans, luxury SUVs and electronic rickshaws, says Telangana IT and Industries Minister KT Rama Rao.
The United States-based electric vehicle manufacturer Triton, which competes with Elon Musk's Tesla, has entered into a Memorandum of Understanding (MoU) with the Telangana government to set up a manufacturing unit in Zaheerabad, which has Mahindra & Mahindra's largest tractor manufacturing facility, in Sangareddy district.
Principal Secretary of IT and Industries Jayesh Ranjan and CEO Himanshu B Patel signed the MoU in the presence of the minister and other officials. The IT and Industries Minister of the state KT Rama Rao said that the EV manufacturer will invest Rs 2,100 crore in Telangana for the new establishment. Triton and the state government believe that this investment in an ultra-modern EV manufacturing facility can create employment opportunities for almost 25,000 local youth. The minister said that the project would lead to the production of over 50,000 vehicles over the first five years, and it will include semi-trucks, sedans, luxury SUVs and electronic rickshaws.
According to Telangana government officials, the company has requested approximately 150 acres of land for the facility, which will be located in the Zaheerabad National Investment & Manufacturing Zone that the Telangana government is developing over 13,500 acres. As reported by The Indian Express, Rao said that while Telangana is quickly becoming a popular destination for the EV manufacturing sector, the state government will assist Triton in obtaining the necessary approvals for the establishment of the facility and assured the company of providing several incentives appropriate for a megaproject under the Telangana State Industrial Infrastructure Corporation (TSIIC) guidelines.
Patel, who is also the founder of the EV company, told the minister that Triton is rapidly expanding to meet the growing demand for such vehicles. He also stated that the company investigated investment opportunities in various states across the country before deciding to pick Telangana due to its favourable industrial policies. However, according to Business Insider, Triton stated that it intends to invest approximately $1.5 billion (150 crores) in this manufacturing facility over the next five years, while the first $300 million (30 crores) will be injected in the coming months. Additionally, Patel said that they already have $2.2 billion (220 crores) in purchase orders from India, and the Telangana government has also ordered 3000 EVs from the New Jersey-based company.
With its innovative approach to electric car design and manufacturing, the firm has been revolutionising the automobile industry. Zero-emission electric passenger cars, buses, semi-trucks, and three-wheelers are among Triton EV's initial electric vehicles, which are also part of the company's integrated transportation ecosystem, which includes charging infrastructure and digital products. As per the reports, Triton EVs will be produced at the factory not just for the Indian market but also for Bangladesh, Sri Lanka, Nepal and the Middle East as a whole.
But in this journey, the company will face the popular billionaire Musk's Tesla as a top competitor that is planning to enter India in 2021 with aims to open a research and development facility in Karnataka's Bengaluru. The EV giant Tesla will concentrate solely on selling the vehicles in India rather than producing them. The Indian government has been attempting to entice Musk's company into manufacturing in the country by offering subsidies and other incentives. Transport Minister Nitin Gadkari told Reuters that if Tesla commits to manufacturing its vehicles in India, the country is ready to offer incentives to ensure the company's cost of production is lower than in China. Some sources also revealed that Tesla intends to begin importing and selling its Model 3 electric automobile in India.
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