scorecardresearch
US-based Triton Electric Vehicle to set up commercial EV plant in Gujarat

US-based Triton Electric Vehicle to set up commercial EV plant in Gujarat

The company will also set up in-house facilities like robotic paint shop, chassis sub-assembly and quality assurance and material testing lab.

US-based Triton Electric Vehicle to set up commercial EV plant in Gujarat US-based Triton Electric Vehicle to set up commercial EV plant in Gujarat

US-based Triton Electric Vehicle LLC on Tuesday signed an agreement with the Gujarat government to set up a commercial electric vehicle manufacturing plant at Bhuj in Kutch district with a total investment of Rs 10,800 crore. As per the agreement, Triton Electric Vehicle will set up the plant over 645-acre land with an annual production capacity of 50,000 trucks, said a statement from the office of Chief Minister Bhupendra Patel.

The state government will assist in providing necessary approvals and registration process for the establishment of this plant in accordance with the existing policy, it said. Triton Electric Vehicle will start the plant with an initial investment of Rs 1,200 crore in the current financial year. The company's total investment will be Rs 10,800 crore. The plant will create direct and indirect employment opportunities to about 10,000 people, the statement said.

The company will also set up in-house facilities like robotic paint shop, chassis sub-assembly and quality assurance and material testing lab.

The agreement was signed between Rajiv Kumar Gupta, Additional Chief Secretary of Industries and Mines Department, on behalf of the Gujarat government and Himanshu Patel, founder and CEO of Triton Electric Vehicle, in the presence of the chief minister in Gandhinagar.

The company manufactures electric semi trucks, SUVs, electric sedans, defense EVs and e-rickshaws in the US, the release said.

Also Read: Haryana Assembly passes resolution against Punjab's claim over Chandigarh

Also Read: Axis Securities bullish on this small-cap stock; sees over 45% upside