German startup Magnum Pirex is eyeing to enter the Indian EV market, with plans to set up a manufacturing base in Andhra Pradesh at an investment of around $15.5 Mn (INR 100 Cr).
According to Inc42 Media, the startup has proposed to supply battery-powered sports cars, family cars and small trucks below the $15,590 (INR 10 Lakh) price range.
To that end, Magnum Pirex CEO Hubert Maencher recently met Andhra Pradesh Chief Minister N. Chandrababu Naidu to discuss the company’s plans to set up a manufacturing facility in the state. During the meeting, Naidu reportedly asked the startup to submit a detailed project proposal on the same.
As stated by Maencher, Magnum Pirex will be producing 12,000-15,000 electric cars per annum initially. The ultimate goal is to manufacture up to 100K units every year in India. The German startup is currently seeking 22 acres of land in Andhra Pradesh, preferably close to the port for easier imports and exports.
Rivalling states like Karnataka, Maharashtra and Telangana, which are in the process of instituting separate policies on electric vehicles, Andhra Pradesh has doubled down in its efforts to turn itself into an attractive destination for players in the EV space. Home to automotive giants like Isuzu, Hero Motocorp and Kia Motors, AP recently signed a preliminary agreement with Toyota Kirloskar Motors to introduce electric vehicles in the city of Amravati. The state government’s IT Minister N. Lokesh is also reportedly holding discussions with Panasonic India to launch EVs in Andhra Pradesh.
