Tesla Rival Triton To Create 24,000 Jobs In Telangana With New Electric Vehicle Factory

US-based electric vehicle (EV) giant Triton, which competes with Elon Musk’s Tesla, has signed a Memorandum of Understanding (MoU) with the Telangana government to open its state-of-the-art manufacturing facility in the state’s Zaheerabad area.

Triton EV and the Telangana government said the facility, which will be built in an area of ​​one million square feet, could create around 24,000 jobs in the state. Triton EV plans to invest about $1.5 billion in this manufacturing facility over the next five years, the company said in a statement. The first installment – $300 million – will be poured out in the coming months.

Create 24,000 Jobs In Telangana

Himanshu Patel, Chairman, and Managing Director, Triton EV has claimed that they already have purchase orders worth $2.2 billion from India. The Telangana government has also placed an order for 3000 EVs to Triton.

“We are excited to learn about Triton EV’s expertise and vision for the EV market… the state’s industrial policy which is actively geared towards rapid process driven decision making and action towards bringing new investments into the state. has been prepared,” Kalvakuntala Taraka Rama Rao (also known as KTR), Telangana’s Minister of Municipal Administration and Urban Development, Industries and Commerce, and IT, said on the occasion.

The manufacturing facility will produce Triton EVs not only for the Indian market but also for Bangladesh, Sri Lanka, Nepal, and the entire Middle East region. Notably, rival Tesla is also set to enter India this year and plans to set up a research and development (R&D) unit in Bengaluru.

Unlike Triton, Tesla will only focus on sales in the Indian market and not on manufacturing here. However, the Indian government is trying to attract the Elon Musk-led company into the manufacturing sector in the country by offering subsidies and other benefits.

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Indian Transport Minister Nitin Gadkari said in an interview with Reuters that India is ready to offer incentives to ensure that Tesla’s production costs remain lower than China’s if the company is committed to making EVs domestically.

Gadkari had earlier also said that Tesla would start with sales in India and would look to start assembling in India later. While the India launch date of Tesla is yet to be decided, the company has already started hiring for key roles.