Triton signs INR 2,100 crore MOU with Telangana Government
Tesla rival arrives in India. The New Jersey-based automaker will produce 50,000 vehicles and employ more than 25,000 people over the first five years.
Triton Electric Vehicle Pvt. Ltd., the leading US-based Electric Vehicle manufacturer, will invest Rs 2,100 crore in Telangana to set up its new manufacturing unit, informed the state’s IT and Industries Minister, KT Rama Rao, on Thursday. It is the largest electric vehicle investment the Indian state has bagged till now, and the project will create employment opportunities for 25,000 local youth.
Telangana government’s Department of Industries and Commerce entered into a Memorandum of Understanding (MOU) with the US-based company for the establishment of a manufacturing unit for electric buses at NIMZ, Zaheerabad. Principal Secretary of IT and Industries, Jayesh Ranjan and Triton Electric Vehicle Pvt. Ltd CEO & Founder, Himanshu B. Patel signed the MoU in the presence of the minister and other officials.
An official statement from the minister’s office said the project will employ more than 25,000 persons and produce 50,000 vehicles over the first five years, including semi-trucks, sedans, luxury SUVs, and rickshaws. For this purpose, the Government of Telangana will provide the required land to the firm through TSIIC at NIMZ Zaheerabad.
Thanking Triton for choosing Telangana, KTR said that the state is fast transforming into a favourite destination for the electronic vehicle manufacturing sector. He added that the state government will support Triton to acquire the necessary approvals for setting up their facility and assured the firm of providing several incentives applicable for a megaproject under the TSIIC guidelines.
The New Jersey-based company has been redefining the automotive industry with its fresh approach to the design and assembly of electric vehicles. Triton EV’s first electric vehicles are zero-emission electric passenger cars, buses, semi-trucks, and three-wheelers. These vehicles are part of Triton EV’s integrated transportation ecosystem which also includes charging infrastructure and digital products, the company stated.
Triton’s upcoming manufacturing facility will not only produce Triton EVs for the Indian market, but also for Bangladesh, Sri Lanka, Nepal and the Middle East region. Tesla Motors is also planning to enter India this year, with plans to open a research and development (R&D) facility in Bengaluru. In contrast to Triton, Tesla will only focus on sales and not on production in the Indian market. However, the Indian government tried to offer the California based EV-brand subsidies and other perks, in order to start local manufacturing but no such plans is on cards for Elon Musk’s company as of now.
