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    HomeEV NewsMassive investments in Nashik by two EV manufacturers in next 5 years

    Massive investments in Nashik by two EV manufacturers in next 5 years

    India is welcoming the wave of e-mobility with open arms. We have turned the status of EVs in the past decade and are continuing to rise. Two Nashik-based electrical two-wheeler producers- Jitendra New EV Tech and Hayasa E-Mobility, are making plans to head on an investment spree and are inclined to invest Rs 1,500 crore within the subsequent 5 years.

    The corporations have a complete capability of producing around 1.5 lakh two-wheelers and are making plans to extend their manufacturing capability to 22 lakh gadgets.

    Apart from this, Hayasa might be making an investment of Rs 100 crore to arrange a brand-new battery production plant in a three-way partnership with a foreign country corporate. The corporate is already in talks with a German company to arrange the unit in Nashik.

    The EV industry has been drawing in good investments

    “There has been a huge demand for e-bikes, and we are planning to set up a new plant with a manufacturing capacity of 10 lakh units per annum. We will be investing around Rs 1,000 crore over the next five years,” Samkit Shah, co-founder, and CEO of Jitendra New EV Tech stated.

    “We have also identified land near Nashik where our new unit will come up. We are expecting our new plant to be operational by the end of the current financial year,” he added.

    Uday Krishna, carrier head of Hayasa E-Mobility, stated, “We are unable to meet the rising demand. So, we have decided to expand our production capacity from 1.2 lakh units to 12 lakh units per annum in the next three years.”

    He added, “We will be investing Rs 500 crore to increase our manufacturing capacity. We are also planning a joint venture with an overseas company to set up a battery manufacturing unit for e-bikes. The manufacturing capacity of the battery plant will be 1 lakh units per annum, and we will invest another Rs 100 crore in the project.”

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