Electric vehicles (EV) major Triton EV will invest $1.5 billion over a period of five years to set up a manufacturing facility in the southern Indian state of Telangana. The New Jersey based company signed a memorandum of understanding (MoU) with the Telangana government this week. It will build the facility over a million square feet in the state’s Zahirabad area and will create jobs over 24,000 jobs.
“Our manufacturing facility will not be an assembly line for the cars, but we will make and produce most of the critical products and components required to produce a best-in-class EV. We will have $300 million investment in the next few months. The good part is we already have $2.2 billion worth of purchase orders from India,” Himanshu Patel, chairman and managing director of Triton EV said in a statement.
As part of the MoU, the Telangana government will place an order for 3000 EVs with Triton.
The facility will cater to Triton’s target markets in the region including India, Bangladesh, Sri Lanka, Nepal and the Middle East.
The MoUs were signed via a video conferencing meeting between company officials and KT Rama Rao, minister of municipal administration and urban development, industries, and IT and commerce, government of Telangana.
“We are excited to know about the Triton EV’s expertise and vision for the EV market. Thank you for choosing Telangana state. I must say that this state will be the best place for Triton EV’s manufacturing. We have an agile focus towards startups, and we work on progressive ideology,” Rao said.
Recently, Triton launched the Triton EV Model N4 sedan for the Indian market.
The company said it is in discussions with more Indian states for setting up an EV car manufacturing base.
Triton registered an Indian subsidiary by the name of Triton Electric Vehicles India Private Limited in New Delhi recently and signed a contract with Bharat Electronics Limited (BEL) for co-operation on energy storage systems and EV development.
The subsidiary is involved in the energy storage system (ESS) business ranging from transportable small battery packs to a 10 MWh battery storage unit for customers in the USA and abroad for applications such as energy generation, load management and EV charging stations.
According to the MoU, BEL will be the exclusive manufacturing partner for Triton in India for the supply of the identified products. Triton will provide the know-how and technical documentation required for the manufacture of these products, the company said.