Korean EV giant Edison Motors to set up electric bus plant in Haryana

GURUGRAM: The Indian arm of leading South Korean manufacturer of electric vehicles Edison Motors India has plans to set up its production facility in Haryana with an investment of about USD 70 Million (INR 500 crores).

This is a significant development in terms of Korean investment in the automobile sector in India as Edison Motors India joins the league of other Korean companies like Hyundai and KIA who have already set up their conventional-fuel passenger car manufacturing plants in Tamil Nadu and Andhra Pradesh respectively.

The company officials who met with the Haryana chief minister Manohar Lal Khattar on Monday in Gurugram said that the company was interested in setting up an EV manufacturing facility for producing electric buses and trucks for which it would require about 30 acres of land.

Led by Yang Koo Lee, Managing Director of Edison Motors India, the company delegation accompanied by the Invest India official Pawan Choudhary informed the Haryana CM that the proposed investment would generate employment opportunities for about 500 to 800 youth in the state.

Formerly known as TGM, Edison Motors is dubbed as a challenger to Tesla in South Korea and is a well-known name in the EV world.

The company that took off about nine years back in Korea to manufacture railways vehicles under the brand of Hankuk Fiber, dreams of producing electric cars better than that of Tesla.

On Monday, the officials of a Chinese company led by Chinese Investor Jerome Chen also met the Haryana CM and evinced their interest to set up its headquarter in Gurugram with the potential of generating employment opportunities for 600 to 700 youth. The Chinese company is likely to make an investment to the tune of USD 135 Million (Rs. 1000 crores) here.

A Haryana government press communiqué claimed that as a result of various facilities and clearances being provided to the entrepreneurs under one roof in a time-bound manner, Haryana had become a favorite destination for the industries to set up their units in the State.

In terms of Ease of Doing Business rankings, Haryana is currently at number three in the country and first in northern states, it claimed.

While lauding the efforts of Haryana government led by its chief minister Manohra Lal Khattar, Pawan Choudhary, Head, Haryana State Investment, Invest India said, “When the people around the globe are struggling and isolated them with CORONA VIRUS, this great man is thinking about the society and development. The late evening of 16th March 2020 become the witness of CM Haryana’s commitment and vision to secure two mega projects from China and South Korea.”

Among those present in the meeting also included Chief Administrator Haryana Shahri Vikas Pradikaran (HSVP) Pankaj Yadav, HSVP Administrator Gurugram Jitender Yadav, Gurugram Divisional Commissioner Ashok Sangwan, Deputy Commissioner Amit Khatri, and Estate Officer HSVP Vivek Kalia.