MUMBAI, 17 August 2023: Expanding EV Component Manufacturing Uno Minda, a prominent global manufacturer of automotive solutions, has taken substantial strides in the electric vehicle (EV) domain by commissioning two new plants for the manufacturing of cutting-edge EV components and systems. This strategic move marks a significant advancement in Uno Minda’s commitment to the EV industry.
Joint Venture for EV Systems Plant
In collaboration with FRIWO AG Germany, Uno Minda has inaugurated a state-of-the-art EV systems plant in Farukhnagar, Haryana. This facility is geared towards producing an array of critical components including On-Board Chargers, Off-Board Chargers, Motor Control Units, DCDC Converters, Battery Management Systems, and more. Designed to cater to the evolving needs of the EV 2-wheeler and 3-wheeler market, this plant has already commenced supplies with plans for further scaling in the upcoming quarters.
Second Plant for Traction Motors
Adding to its dynamic expansion, Uno Minda’s subsidiary, Uno Minda Buehler Motor Private Limited (UMBM), has established a second EV systems plant in Bawal, Haryana. This plant is specialized in the manufacturing of traction motors and Brushless Direct Current (BLDC) motors dedicated to EV 2-wheelers and 3-wheelers. With existing orders in place from Original Equipment Manufacturers (OEMs), UMBM is poised to initiate supplies by the third quarter of FY24.
Elevated Orders and Substantial Growth
Emphasizing its robust growth trajectory, Uno Minda has secured new orders valued at over INR 600 crore for EV systems during the first quarter of FY24. This substantial influx of orders has bolstered the company’s aggregate order book, which now stands at an impressive annualized peak value of more than INR 2,500 crore. This comprehensive order portfolio includes products tailored to both existing and EV-specific requirements, reinforcing Uno Minda’s prowess in the EV OEM market.
Strategic Revenue Targets
In line with its ambitious vision, Uno Minda has set strategic revenue targets for its EV systems segment. The company aims to achieve revenue of INR 1,500 crore from EV systems by the fiscal year 2025-26, underlining its dedication to sustained growth and innovation in the evolving landscape of electric mobility.
Pioneering EV Component Manufacturing With the establishment of new manufacturing plants and an influx of orders from the rapidly expanding EV sector, Uno Minda is poised to become a key player in the development of cutting-edge EV components and systems. Through strategic partnerships, innovative solutions, and a clear growth trajectory, Uno Minda is solidifying its position as a driving force in the future of electric mobility.