The electric car landscape in India has so far been slow to progress, with very few options currently available in the market and most manufacturers yet to come out with relevant products. However, the future looks bright as many local and international manufacturers are in different stages of the process of developing and releasing cutting-edge EV models. One such brand is Triton EV, which considers India to be an important market and is slated to release at least two EV models this year.
In a previous article, we talked in detail about the Triton EV brand and its plans to set up shop in India. The Triton EV brand has already made a name for itself in the EV market thanks to its innovation and the company has indicated that it considers India to be a prime target market for years to come. To this end, Triton EV had unveiled plans to release two of their signature models in India later this year—the Model H SUV and the N4 Sedan. Pre-bookings for these vehicles have also been active for some time.
With Triton EV committed to localization, there was a growing need to create a facility in India for manufacturing and assembly, especially keeping in mind the company’s commitment to come to market later this year.
According to recent reports, that deal is now done with the company scheduled to start construction on its new facility in the state of Telangana. Read on to learn more about the Triton EV India Factory.
Race for the Investment
Initially, quite a few states were in contention to bag this giant investment of 2,100 crore from Triton EV. Eventually, some states, including Gujarat and Uttar Pradesh, had dropped out of contention. Most recently, the race was a close one between Karnataka and Telangana, both much sought-after states for EV companies.
Significantly, Karnataka had recently concluded a deal with Tesla and CEO Elon Musk for the Tesla India factory. However, Telangana was the state that has finally bagged this investment and will be host to the Triton EV India factory.
According to Triton EV CEO Himanshu B. Patel, the company is currently in a state of rapid expansion to cater to increasing demand for electric vehicles and considers India a prime market. Apparently, Triton EV considered various states for this investment and finally zeroed in on Telangana thanks majorly to its conducive industrial policies and plethora of incentives for EV manufacturing companies.
Details of the Deal
The news of the finalized deal first came courtesy of KT Rama Rao, the IT and Industries Minister of Telangana, who announced last Thursday that the state government has completed the signing of a MoU with Triton putting the final seal of approval on the 2,100 crore India facility. In the presence of KT Rama Rao, the MoU was signed by Triton EV India development head M. Mansoor and Principal Secretary for IT and Industries Jayesh Ranjan.
The deal finalizes an eventual investment of 2,100 crore for the Triton EV India factory. According to reports, the company was seeking a total of 150 acres of land for the facility, which the state government has promised to allocate at the Zaheerabad National Investment and Manufacturing Zone (NIMZ).
The state-of-the-art NIMZ is a 13,500-acre special zone developed by the Telangana Government and the land for the facility will be provided to Triton EV by the Telangana State Industrial Investment Corporation (TSIIC).
This project is set to put Telangana at the top of the heap of Indian states prized by EV manufacturers and might drive further investments as more foreign players step up to the table. KT Rama Rao has also promised Triton EV expedited approvals for getting the facility constructed and eligibility under all relevant incentive schemes.
The Triton EV India Factory
The Triton EV India factory marks a major win for the company as it tries to grab a foothold in the emerging Indian EV market with its luxury EV offerings. It is important to note that the company was only recently registered in India in March 2021 and has come a long way in very little time, which speaks volumes about the eagerness of central and state governments to have international investment on board for furthering the cause of electric vehicles.
The factory, sure to be built and run on a grand scale, is all set to manufacture over 50,000 electric vehicles in the first 5 years, including semi-trucks, luxury SUVs, luxury Sedans, and e-rickshaws. This is also a major boost to the state economy as the factory is expected to create around 25,000 jobs in the area. This ultra-modern facility will be at the forefront of EV innovation for many years to come and is sure to rival the Tesla India facility in neighboring Karnataka.
Overall, this represents a major win, both for the state of Telangana who has managed to bag this massive investment as well as for Triton EV, which now has the land and the governmental assistance needed to create a firm foothold in the Indian EV market. The nascent but rapidly growing electric four-wheeler market in India definitely needs a dose of innovation and Triton EV has already turned heads with its unique features and designs in its concepts.
Now, with the Triton EV India factory, the company has a chance to really cement its place in the minds and hearts of Indian customers, who will definitely be looking for luxury EV options once the EV revolution truly takes hold in the country.