HomeAutoDAO EVTech Expanding its Operations Through Chennai

DAO EVTech Expanding its Operations Through Chennai

Reader's Pick

  • Propose to invest $100 million (Rs. 100 crore for Tamil Nadu) in India

  • Aim to hire 2000 individuals before2025

  • The goal is to launch 20 dealerships in Chennai

A smart electric mobility manufacturing startup with a Make In India focus, DAO EVTech is preparing to establish a significant presence in India by manufacturing innovative, reliable and superior-quality products. On March 2, 2023, a event for DAOs new line of electric automobiles was conducted in Chennai. DAO EVTechs Chairman and CEO, Dr. Michael Liu, unveiled the new vehicles and elaborated the companys plans for expansion in India.

- Advertisement -

Dr. Michael Liu, Chairman & CEO of DAO EVTech introducing a new EV at Chennai

Dr. Michael Liu, Chairman & CEO of DAO EVTech, stated that the “Tamil Nadu market is crucial to any EV two-wheeler manufacturer during the launch event. There are three basic reasons for this. 1st is Tamilnadus capital Chennai has the highest two-wheeler penetration rate of 73%, which is nearly double that of other major cities such as Mumbai and Bangalore. EV is a growing business that is more focused on young individuals who embrace technology quickly, and the state has a large population, making Tamilnadu an EV-friendly state. Any quality product supplier, like DAO, is encouraged to enter this market by the states welcoming culture and its citizens attention to detail, commitment to excellence, and logical analysis. We will continue investing $100 million in India, and in 2023, well set aside $20 million for the development of novel products. With this $100 million investment, we have specifically set aside Rs. 100 crores for Tamil Nadu. With our expansion strategy, we expect to generate 2000 new positions over the next two years.”

India is involved in the global EV shift, he continued. The EU has set a goal for its member states to switch to 100% electric vehicles by the year 2035, while China has already reached a 4W EV penetration rate of 40% and the United States is committed to achieving 50% EV penetration by that same year. With the strongest intellectual assets, the largest population, and the third-largest vehicle market in the world, India is unquestionably spearheading this transformation. Yet, given that India is the largest 2W market in the world with a per capita GDP of $2400 and a registration rate of 90% 2W vehicles, this transition will be unique in India starting today. According to market analysis by McKinsey & Company, the Indian market would grow 20 times over the next four years, reaching 9 million electric vehicle units by 2030. We are currently witnessing market expansion. On a volume basis, the market increased three times last year. The traditional trade model is being replaced by other competitive players as the EV 2W market diversifies.

DAO EVTech already have active dealerships in Madurai, Polachi, Coimbatore, and Thanjavur in Tamilnadu state. In particular, the 20 dealerships that DAO had planned to open in Chennai will all be able to do business within the next few months. DAO is now focusing on building and developing the dealerships connecting power; it will soon grow significant cities like Chennai as its centre for regular demand fulfilment in nearby Tier 2 and Tier 3 cities.

- Advertisement -

DAO is not only focused to Tier 1 cities, but it is also focusing on Tier 2 and Tier 3 markets with its varied product range for each market. In addition to our flagship model, the DAO 703, we also offer the ZOR 405, which is well-liked in Tier 2 and Tier 3 cities. With a 220 kg load capacity, the Zor 405 has a low centre of gravity, a sturdy foot stand, and dual suspension. For the working class in the suburbs and cities, it is ideal. The products objective is to simplify difficult job. DAO provides its extended partners with the DAO Entrust programme. We have specialised teams for each area to assist our current and future dealers, with marketing and branding being one of them.

About DAO EVTech
DAO was established in the year 2019, since its inception, DAO has dedicated itself to moving the world closer to the Indian consumer and providing reliable, durable, and affordable EV products. It has been made a reality with the local supplier ecosystem and enabled all significant components to be made in India. In the year 2022, we started production at our factory at Chakan, Pune. DAO is a local start-up based in Pune enabled with 20 years 2W EV manufacturing capabilities and investment from the US. We dedicate to lifting the old simple trader model to integrate global power to better serve Indian consumers. DAO has been invested by a u.s. Michigan based DAO EVTech LLC and its promoter Dr. Michael Liu is supporting company growth and currently it is working with a global PE firm for its private placement to manage the capital 40 million dollars.

Subscribe to our Newsletters

We don’t spam! Read our privacy policy for more info.

- Advertisement -

Read latest Business News and Startup news on TechGraph. Watch live and latest news on TechGraph TV. Follow us on Facebook or follow us on Twitter and Instagram. Listen audio news from TechGraph Briefings on Spotify, Google Podcast, Amazon Music & on Apple Podcast.

Latest News

Promoted Links

Related Stories

Paytm Payouts transfers Rs 1,500 crores

India-based e-wallet company, PayTM said, "Its Paytm Payouts has transferred ov...

Japan approves 26 trillion yen as economic stimulus package to combat overseas risks

Japan's cabinet approved an economic stimulus package worth 26 trillion yen ($2...

Samsung Electronics asks its shareholders to use electronic voting for upcoming AGM

Technology giant Samsung Electronics has adopted electronic voting for the firs...

Sino-US trade war offers Europe’s chance to bank more Chinese reserves: Analysis

Should European countries want the euro to replace the dollar as the world's do...

Rahul Gandhi hits on RCEP says, ‘Make in India’ has become ‘Buy from China’

Asserting that "Make in India" has become "Buy from China," Congress leader Rah...

Employees union seeks FIR against Jet Airways boss Naresh Goyal, Vinay Dube and on SBI Chairman

The employee union of Jet Airways, which is facing its worst crisis, Friday sou...

Rajesh Bysani joins Brainly as its new CPO

A New York headquarter peer-to-peer learning platform, Brainly has announced th...

Passwordless authentication platform 1Kosmos sees significant growth in India

1Kosmos, a leading multi-factor authentication solution provider has reported a...

Trustt Launches First Major GPT Product Suite for Banking Industry

Trustt - a leading SaaS cloud-based banking solution provider, today announ...

FFFAI Partners with 21CC Education to Skill 45,000 Employees within IIFF

The Indian Institute of Freight Forwarders (IIFF), the training arm of the ...