KETO to invest 10 million dollars in India on e-autorickshaw
New Delhi : KETO on Friday announced a 10 million dollar investment in India to manufacture electric autorickshaws.
The announcement was made at the ongoing 8th Eco-Friendly Electric Vehicles Expo in India. Showcasing its flagship product at the auto-expo, the company said it aims to launch its Electric Autorickshaw variants in the country that includes - Kyto 3, Kyto 5 and Kyto Cargo, catering to different segments in the Indian market.
KETO is a joint venture between India's ETO Motors Pvt Ltd and Hong Kong-based KYTO Green Technologies Limited.
"KETO is likely to invest USD 10 million in the coming two years, and the funds will be utilised for setting up a new plant with a capacity of 50,000 units annually, and towards research & development of the product. Our focus is to make these vehicles accessible and affordable to all; so in addition to retailing, KETO is considering leasing options," said Mr. Balram Narayankar, Director of KETO.
The new Kyto 3 and Kyto 5 will be 3 and 5-seater passenger carriers, while the Kyto Cargo, as the name suggests, will be used for carrying goods and waste collection.