Synopsis DAO commenced production at its facility in Chakan, Pune and has enabled two wheeler electric vehicle manufacturing capabilities and investments from US based DAO Evtech LLC and its promoter Michael Liu. iStock Electric mobility start-up DAO EvTech has drawn up plans to invest Rs 100 crore in Tamil Nadu and employ about 2,000 people by 2025, the company said on Sunday. DAO commenced production at its facility in Chakan, Pune and has enabled two wheeler electric vehicle manufacturing capabilities and investments from US based DAO Evtech LLC and its promoter Michael Liu. DAO EvTech has planned to invest USD 100 million in India apart from the Rs 100 crore for Tamil Nadu and showcased a new line of electric vehicles in the city recently. "Tamil Nadu market is crucial to any EV two-wheeler maker. Chennai has the highest two-wheeler penetration rate at 73 percent, which is double that of major cities like Mumbai and Bengaluru," Liu said. "EV is a growing business that is more focused on young individuals who embrace technology quickly. The state has a large population making Tamil Nadu an EV friendly state. We will continue investing USD 100 million in India and in 2023, we will set aside USD 20 million for the development of novel products," Liu said. "With this USD 100 million investment, we have specifically set aside Rs 100 crore for Tamil Nadu. With our expansion strategy, we expect to generate 2,000 new positions over the next two years," he said. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories The company currently has a dealership network in Madurai, Pollachi, Coimbatore and Thanjavur. "The goal is to launch 20 dealerships in Chennai", he noted. On strengthening its footprint, DAO EvTech said the company would focus on Tier II and III markets with its varied product range. "In addition to our flagship DAO 703, we will offer the ZOR 405. With a 220 kg load capacity, ZOR 405 has a low centre of gravity, sturdy foot stand and Dual suspension. " the company said. Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. click here! Sunday, 05 Mar, 2023 Experience Your Economic Times Newspaper, The Digital Way! Read Complete Print Edition » Front Page Pure Politics Bottom Line Deep Dive More India has Right Mix of Factors for Long-term Growth: FM Finance minister Nirmala Sitharaman on Saturday exuded confidence about India’s elevated growth rates in the longer term, saying that an assortment of reasons, including the rule of law, distinguishes the country from some other investment destinations. India Visit Helped Co Deepen Tieups, Seek Support in New Areas: Foxconn Chairman His visit underlines Foxconn’s heightened interest in India, which is positioning itself as an alternative manufacturing hub for electronics for global companies working to diversify their supply chain away from China. Liu had met Prime Minister Narendra Modi on Tuesday. Cos Warm Up to Liberal Parental Leave Policies India Inc is ramping up its parental leave policies — offering more liberal paternity leaves and increasingly including LGBTQ+, adoptive and surrogate parents — as it looks to acknowledge changing social structures, foster inclusion and diversity, and attract and retain employees. Read More News on DAO EvTech Investment evtech electric vehicles electric scooter electric cars electric car sturdy Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox. . . . more less ETPrime stories of the day Tech and Gadgets boAt Lifestyle: why this popular audio maker’s profit growth rate is declining 10 mins read People Meet Avadhut Sathe — the man on a mission to make every Indian wealthy via stock trading 13 mins read Investing No new sector has emerged; overweight on capital goods, industrials: Devina Mehra of First Global 16 mins read Subscribe to ETPrime.