Indian electric auto rickshaw manufacturer ETO Motors and Hong Kongese electric vehicles designer Kyto Green Technologies joint venture, Keto, intends to establish a new manufacturing plant for electric auto rickshaws in India.
Keto intends to infuse 70 crore rupees ($10 million) in the next two years.
The funds will be utilized for establishing a new facility with a capacity of 50,000 units annually, and towards research and development of the product.
Keto said that its target is to make these vehicles affordable and accessible to all; so in addition to retailing, Keto is considering leasing options.