Gurugram, June 5, 2024: Uno Minda Limited, a global Tier-1 supplier of proprietary automotive systems and solutions for original equipment manufacturers (OEMs), has announced a significant partnership with Suzhou Inovance Automotive Co., Ltd., China. This collaboration is established through a Technical License Agreement (TLA) for the manufacture and sale of select high voltage electric vehicle products for passenger and commercial vehicles in India.
Uno Minda, formerly known as Minda Industries Limited, has strategically aligned with Inovance Automotive to bolster its electric four-wheeler (e-4W) product portfolio. The agreement encompasses the production of several critical electric vehicle components, including Charging Control Units (CCU), EV inverters, EV motors, and next-generation 3-in-1 electric drive systems, also known as e-Axles. This partnership is poised to significantly enhance Uno Minda’s capabilities in the burgeoning Indian EV market.
Uno Minda & Inovance Automotive Collaborate
The collaboration between Uno Minda and Inovance Automotive is expected to evolve into a joint venture, pending necessary regulatory approvals. This transition aims to solidify their partnership and expand their combined technological and market reach in the electric vehicle sector.
Founded in 2003, Inovance is a global leader in providing products and solutions across various industries, including general industry, intelligent elevators, rail transit, and new-energy vehicles (NEVs). In FY23, Inovance achieved revenue exceeding USD 4.2 billion. Suzhou Inovance Automotive Co., Ltd., a subsidiary of Inovance, has a robust global presence with operations in Germany, France, the United Kingdom, Switzerland, Norway, Hungary, India, Japan, Thailand, and China. The company is renowned for its intelligent components and systems for both electric and hybrid vehicles, catering to numerous leading Chinese and global passenger vehicle (PV) and commercial vehicle (CV) OEMs.
The Indian passenger car electric vehicle (EV) market is witnessing rapid expansion, with sales nearly doubling in FY24 despite limited model availability. This growth trajectory is anticipated to accelerate further with the introduction of new vehicle models and the entry of global OEMs into the Indian market.
By partnering with Inovance Automotive, Uno Minda is strategically positioned to leverage advanced technologies and expand its product offerings, thereby meeting the increasing demand for electric vehicles in India. This partnership marks a significant step in Uno Minda’s journey towards becoming a key player in the Indian electric vehicle market, contributing to the country’s transition towards sustainable and eco-friendly transportation solutions.
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