KETO to invest $10 million for electric autorickshaws in India

KETO to invest $10 million for electric autorickshaws in India

KETO, a joint venture between ETO Motors Pvt Ltd from India and Hong Kong-based KYTO Green Technologies Limited, has announced an investment of $10 million in India to manufacture electric autorickshaws at the ongoing 8th Eco-Friendly Electric Vehicles Expo in India.

The company, showcased its flagship product for the first time at the expo. It stated that it aims to launch its Electric Autorickshaw variants in the country includes Kyto 3, Kyto 5 and Kyto Cargo, catering to different segments of the Indian market.

ALSO READ: Portea Medical raises Rs 25 crore in venture debt

“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 on the launch of Kyto and company’s future plans.

The new Kyto 3 will be 3- seater and Kyto 5 will be a 5-seater passenger car and Kyto Cargo will be used for carrying goods and waste collection. The vehicles are deemed to be stylish and comfortable to drive.

ALSO READ: Naspers leads $1 billion investment round in Swiggy in India 

“Our vehicles are superior in performance and style and are designed from the ground up as electric vehicles by an expert team of automotive engineers. KYTO vehicles are eco- friendly and come with recyclable exterior panels.

These technologically advanced vehicles maintain industry-best safety standards across all variants, and are equipped with high-quality electronic control systems from the United States.”, said Grayson Richards, Managing Director of KYTO Green Technologies Limited, talking about the electric three-wheelers.

Click here for Latest News updates and viral videos on our AI-powered smart news genie

LEAVE A REPLY

Please enter your comment!
Please enter your name here