Download Unicorn Signals App

Powered By EquityPandit
 Signals, Powered By  EquityPandit
BUSINESS

Biliti Electric to Build World’s Largest Electric Tricycle Factory in Telangana for $150 Million

California-based Biliti Electric Inc is partnering with Hyderabad-based Gayam Motor Works (GMW) to build the world’s largest electric tricycle production facility with an annual capacity of 240,000 units, involving an investment of $150 million (approximately Rs 1,144,000) million) in Telangana.


The most significant investment in Telangana’s electric vehicle manufacturing unit will be to build a 200-acre manufacturing facility that will operate in two phases. The first phase, with an annual production of 18,000 vehicles, will take off in early 2023 and reach a capacity of 240,000 vehicles by 2024, the company said, with products including the cargo model Taskman and the passenger version of the Urban.


Biliti’s popular last-mile delivery van, the Taskman, is deployed in 15 countries worldwide, including Japan, the US, the UK, France, Portugal, Germany, Lebanon, Uganda, Kenya, Senegal, Nepal, Bangladesh, Dubai, and India.
While significant e-commerce companies like Amazon, IKEA, Wasoko (Sokowatch), BigBasket (Tata), Zomato, Flipkart (Walmart), and Grofers all use Taskman, the California-based automaker currently has manufacturing and assembly in the U.S. factory. The United States, Portugal, and Kenya.


In a statement on April 19, Biliti said its core technology innovation stands out in the market, with its SmartSwaap technology allowing vehicle battery replacement in less than a minute, overcoming the challenges of a lack of charging infrastructure and an unreliable grid, the range and time pressure of delivery drivers. Rahul Gayam, CEO of Biliti Electric, said: “Our battery and drivetrains are compact and modular in design, enabling them to be used in a broader range of applications in automotive, marine, warehousing, and backup power to build an electric vehicle ecosystem. “
Telangana Indus

try Minister KT Rama Rao said Biliti’s investment comes on the heels of another California-based company, Fisker, announcing its second headquarters in Hyderabad. “The state is committed to promoting a clean industry and is committed to extending all benefits to companies where government policy allows,” Rao said, adding that Biliti’s founders have ties to the Telangana government and have previously led innovation intermediaries and business incubators T-Hub start.

Get Daily Prediction & Stocks Tips On Your Mobile