HOP Electric Signs MoU with Rajasthan Govt to Setup EV Manufacturing Unit in Jaipur
HOP Electric Mobility has signed a Memorandum of Understanding (MoU) with the Rajasthan government to set up a large-scale electric vehicle (EV) manufacturing unit in Jaipur.
December 24, 2021. By Manu Tayal
The deal was signed at Rajasthan Pavilion during the Dubai Expo 2021 and is expected to build a unit that can produce approximately 1.8 lakh vehicles.
HOP Electric Mobility offers smart and sustainable transportation solutions with a broad range of electric two-wheelers and battery swapping technology. Since commencing its operation in January 2021, this Jaipur-based organization has inaugurated an exclusive experience center in Jaipur.
Commenting on the development, CEO and Founder of HOP Electric Mobility, Ketan Mehta, said, “we are extremely excited to avail this opportunity. We expect the MoU to encourage other local companies to continue moving forward with zeal and hard work. This MoU will work as a catalyst for society’s combined growth as we aim to strengthen our non-polluting transportation system (e-mobility) by leveraging futuristic technology and meticulous R&D.”
He further added, “As of now, we are vigorously evaluating different states to set up more assembly units. According to the facilities and support provided by the states, we’ll be investing close to Rs 100 crore and generating over 3000 direct and indirect employment opportunities. This MoU with the Rajasthan government substantiates our venture and strives to stay true to our promises and vision.”
The company said that it is expecting support from the Rajasthan government to encourage the EV segment in the state. This includes incentives like capital subsidy, additional MSME, electricity duty exemption, stamp duty exemption, allotment of government land on 0-50% of DLC rates in Jaipur district, reimbursement on SGST, employment incentives, and under-investment promotions.
Presently, HOP has two market-ready products, HOP Leo and HOP Lyf. It is gearing up to launch at least ten new and innovative products within the next three years. The brand also has an 80,000 square feet manufacturing unit in Jaipur and currently produces 7,500 units/month, which can be expanded up to 15,000 units/month.
The brand is also expanding its footprint in other prominent states like Gujarat, Telangana, Punjab, Uttar Pradesh, Madhya Pradesh, West Bengal, Bihar, and Jharkhand. HOP is further planning to open at least 120 dealerships across India.
Hop Energy Network- HOP Electric Mobility is also planning to come up with a first electric vehicle segment, called the Hop Energy Network. It will have built-in battery swapping cum charging stations where the customer will be able to replace their discharged battery with a fully charged battery in just 30 seconds.
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