Mitsui TECO plans to set up an electric vehicle plant

Mitsui TECO plans to set up an electric vehicle plant in Bengaluru with an investment of 14 million US Dollars a positive for vehicle

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Mitsui TECO plans to set up an electric vehicle plant

Mitsui TECO plans to set up an electric vehicle plant – Mitsui & Co with Taiwanese motor manufacturer TECO Electric & Machinery Co are planning to invest USD 14 million to set up a manufacturing facility for electric vehicle (EV) motors in India.

The investment on the plant is being made by a joint venture, TEMICO, set up in April 2018 by Mitsui (40 per cent) and TECO (60 per cent) to pursue the development, manufacturing, and sales of EV motors and EV powertrains globally. Mitsui TECO plans to set up an electric vehicle plant is positive news for india

The new plant, which would come up in Bengaluru, is expected to commence full production by the end of next year with an installed capacity of around 1.10 lakh motors per year. Which would be a great amount and profit for the companies.

The plant will create 200 jobs and will contribute to the growth of India’s EV industry, local manufacturing and reducing air pollution that will be a great news for us. Sustainability and mobility are key growth areas for Mitsui and

we are investing more in EV businesses as the world moves towards a low-carbon society,” Mitsui & Co India Managing Director said in a statement.

Mitsui brings deep global business expertise to the joint venture, while TECO specializes in the production of high-quality and competitive industrial and EV traction motors, the company said.

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