The Jaipur-based company, which commenced operations in January this year, offers a wide range of electric two-wheelers and battery-swapping technology.
EV maker HOP Electric on Thursday said it has signed an initial pact with the Rajasthan government to set up an electric vehicle manufacturing plant in Jaipur with a capacity to produce 1.8 lakh vehicles per annum. The company also said it is exploring similar possibilities in other states also and depending upon the facilities and support provided by the states, it will invest around Rs 100 crore in facilities.
It will generate over 3,000 direct and indirect employment opportunities. The Jaipur-based company, which commenced operations in January this year, offers a wide range of electric two-wheelers and battery-swapping technology.
It already has a manufacturing unit in Jaipur with its current capacity of 7,500 vehicles per month, which can be expanded up to 15,000 units per month. This deal to set up a production unit in Jaipur was certified last month during the ongoing Dubai Expo, HOP said in a statement.
The state government had set up a pavilion inside the Indian Pavilion at the Dubai Expo as part of the Rajasthan week, during which 18 letters of Intent (LoIs) and 24 memorandums of understanding (MoUs) worth USD 400 million were announced. “We are excited to avail this opportunity. We expect the MoU (initial pact) to encourage other local companies to continue moving forward with zeal and hard work.
“This MoU will work as a catalyst for the society’s combined growth as we aim to strengthen our non-polluting transportation system (e-mobility) by leveraging futuristic technology and meticulous R&D (research and development),” Ketan Mehta, founder CEO of HOP Electric Mobility, said. HOP Electric said it is expecting support from the Rajasthan government to encourage the EV segment in the state.
This includes incentives like capital subsidy, additional MSME, electricity duty and stamp duty exemptions, reimbursement on SGST, employment incentives, and under-investment promotions, Hop Electric said. “As of now, we are evaluating different states to set up more assembly units. According to the facilities and support provided by the states, we’ll be investing close to Rs 100 crore and generating over 3,000 direct and indirect employment opportunities,” Mehta said.
Currently, HOP has two market-ready products Leo and Lyf. The company has already announced its plans to roll out at least 10 new products within the next three years.
Besides, it is expanding its footprint in other states such as Gujarat, Telangana, Punjab, Uttar Pradesh, Madhya Pradesh, West Bengal, Bihar and Jharkhand. HOP is further planning to open at least 120 dealerships across India, the company said.
Source: Business World