Uno Minda Gears Up for India’s EV Boom with Strategic Partnership

Uno Minda Limited (formerly Minda Industries Limited), a leading Tier-1 automotive supplier, has announced a significant step towards strengthening its position in the growing Indian electric vehicle (EV) market. The company has entered into a Technical License Agreement (TLA) with Suzhou lnovance Automotive Co., Ltd (lnovance Automotive) of China.

Expanding E-Mobility Portfolio

The said strategic partnership strengthens Uno Minda to manufacture and sell various high-voltage electric vehicle (EV) components in India. These components include Charging Control Units (CCU), EV inverters, EV motors, and next-generation 3-in-1 electric drive systems (e-Axles). This expansion significantly broadens Uno Minda’s e-4W (electric four-wheeler) product portfolio, enabling it to effectively cater to the rapidly growing demand within the Indian EV market.

A Collaborative Vision

Uno Minda’s commitment to this partnership extends beyond the initial TLA. Subject to necessary approvals, the company intends to further solidify this alliance by transitioning it into a joint venture. This collaborative approach signifies a long-term commitment from both parties to developing and supplying cutting-edge EV technologies for the Indian market.

Partnering with a Global Leader

Inovance Automotive, established in 2003, brings a wealth of experience and expertise to the table. As a leading global provider of intelligent components and systems for electric and hybrid vehicles, they boast a presence in over 10 countries and supply to major Chinese and global OEMs (Original Equipment Manufacturers) in both passenger and commercial vehicle segments. Their impressive track record, with a revenue exceeding USD 4.2 billion in FY23, positions them as a strong partner for Uno Minda.

Capitalising on India’s EV Growth

The Indian passenger car EV market is witnessing a surge in demand, with sales nearly doubling in FY24 despite limited model choices. This trend is expected to accelerate further with the introduction of new electric vehicles and the entry of global players into the Indian market. Uno Minda’s strategic partnership with lnovance Automotive positions them to capitalise on this growth trajectory, ensuring they are well-equipped to meet the evolving needs of the Indian EV industry.

“Uno Minda is committed to leading the electric vehicle transformation across all vehicle categories. Similar to our success in e-2W, we are building a strong portfolio for e-4W. We are delighted to partner with lnovance Automotive to strengthen our EV product offerings for e-4W vehicles and accelerate India’s transition to a sustainable and electrified future,” said Mr Nirmal K Minda, CMD, Uno Minda Group.

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