German startup plans sub-Rs 10 lakh e-cars and trucks

NEW DELHI: India's electric vehicle push is attracting global players, too. While automobile majors including Toyota, Suzuki and Mahindra are eyeing the space, a German start-up proposes to offer battery - operated sports cars, family cars and small trucks in the sub-Rs 10 lakh range.

In order to tap the benefits of low labour costs and proposed incentives for e-vehicles, the company - Magnum Pirex- proposes to set up a manufacturing base in Andhra Pradesh, at an investment of about Rs 100 crore, a senior official in the state government said.

The company's chief executive officer Hubert Maencher met state's chief minister N Chandrababu Naidu to set up the manufacturing facility. The company is seeking 22 acres of land closer to the port to import inputs. It proposes to manufacture 12,000-15,000 cars per annum initially that can be ramped upto one lakh units gradually. Naidu has asked the firm to submit a detailed project proposal, he said.

"The company representatives explained to the chief minister that their expertise is in manufacturing low cost long range cars. The chief minister suggested them to come with detailed project report to take the proposal forward," the official said.

Andhra Pradesh is already a hub to leading auto companies like Isuzu, Kia Motors and Hero Motocorp. Recently, Toyota Kirloskar Motors inked a preliminary agreement with the state government to introduce latest electric vehicles in Amaravati. Information technology minister of Andhra Pradesh N Lokesh held discussions with Panasonic India recently for rolling out electric vehicles in the state.