US-based electric vehicles (EV) giant Triton, which competes with Elon Musk’s Tesla, has signed a memorandum of understanding (MoU) with the government of Telangana to open its state-of-the-art manufacturing facility in the state’s Zahirabad area.
This facility, which will be built over a million square feet area, can create close to 24,000 jobs in the state, Triton EV and Telangana government said. Triton EV is planning to invest about $1.5 billion in this manufacturing facility over the next five years, the company said in the statement. The first tranche — $300 million — will be infused in the upcoming months.
Triton EV’s Chairperson and Managing Director Himanshu Patel has claimed that they already have $2.2 billion worth of purchase orders from India. Telangana government, too, has given an order of 3000 EVs to Triton.
“We are excited to know about Triton EV’s expertise and vision for the EV market… Industrial policy of the state which is proactively crafted towards fast process driven decision making and action towards bringing new investments in the state,” Kalvakuntla Taraka Rama Rao (also known as KTR), Telangana’s minister for Municipal Administration & Urban Development, Industries & Commerce, and IT said on the occasion.
The manufacturing facility will produce Triton EVs not only for the Indian market, but also for Bangladesh, Sri Lanka, Nepal and the entire Middle East region. Notably, rival Tesla is also set to make an entry into India this year and plans to set up a research and development (R&D) unit in Bengaluru.
Unlike Triton, Tesla will only be focusing on selling in the Indian market and not manufacturing here.