- It has proposed to invest Rs 500-700 crore in the first phase, Rs 1,000-1,500 crore in the second phase and Rs 2,000-3,000 crore in the third phase
- The company will source 90 per cent of the machine parts for their electric vehicle plant from local vendors and manufacturers in UP
South Korean EV giant Edition Motors has expressed their interest in investing almost Rs 5,000 crore to set up its production facility in Uttar Pradesh. It has proposed to invest Rs 500-700 crore in the first phase, Rs 1,000-1,500 crore in the second phase and Rs 2,000-3,000 crore in the third phase of its EV plant in UP.
A delegation of South Korean electric vehicle manufacturer, Edison Motors met Uttar Pradesh Chief Minister Yogi Adityanath at his official residence in Lucknow. The delegation was led by managing director Y K Lee. They talked about their desire to set up an electric vehicle plant in the state. They also said that this will create fresh employment opportunities for 5,000 people.
Looking for suitable land near Lucknow and the Yamuna Expressway
The chief minister assured the delegation of providing all support to the South Korean business delegation. He added that the state government was in the process of revisiting and amending the existing electric vehicle policy in order to make it more attractive and competitive for investors.
As per Lee, the company will source 90 per cent of the machine parts for their electric vehicle plant from local vendors and manufacturers in UP. It is looking for suitable land near Lucknow and the Yamuna Expressway to decide on the plant site.
