Uno Minda said that it has entered into a Technical License Agreement (TLA) with Suzhou lnovance Automotive Company (lnovance Automotive) for manufacture and sale of electric vehicle products for passenger vehicle and commercial vehicle in India.
lnovance is a leading provider of intelligent components and systems for both electric and hybrid vehicles and supplies to many of the leading Chinese and Global PV and CV OEMs. It is also leading global provider of products and solutions in general industry, intelligent elevator, rail transit and new-energy vehicle (NEV), achieving over $4.2 billion in revenue in FY23.The select electric vehicle products include Charging Control Unit (CCU), EV inverter, EV motors and r,extgeneration 3-in-1 electric drive systems (e-Axle). This partnership will significantly expand Uno Minda's e-4W product portfolio, enabling them to effectively cater to the growing Indian EV market.
The company said that India's passenger car electric vehicle (EV) market is experiencing rapid growth, with sales nearly doubling in FY24 despite limited model availability. This trend is expected to accelerate with new vehicle launches and the entry of global OEMs.
Nirmal K Minda, CMD, Uno Minda Group, said, 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"
Li Juntian, CEO of lnovance Automotive, added; "lnovance Automotive is dedicated to providing world-class solutions for the New Energy Vehicle market. We are excited to collaborate with Uno Minda to expand our footprint in India's burgeoning EV market while developing innovative integrated electric drive units for the next generation of electric and hybrid vehicles.
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Uno Minda is a leading global manufacturer and supplier of proprietary automotive solutions and systems to OEMs as Tier-1. The company is one of the leading manufacturers of automotive switching systems, automotive lighting systems, automotive acoustics systems, automotive seating systems and alloy wheels in India.
The companys consolidated net profit jumped 58.3% to Rs 289.11 crore in Q4 FY24 as compared with Rs 182.65 crore in Q4 FY23. Revenue from operations increased 31.3% YoY to Rs 3,794.02 crore in Q4 FY24.
The counter jumped 2.22% to end at Rs 862.65 on Wednesday, 5 June 2024.
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