Tag: UNO MINDA Group

Business

Uno Minda partners with Inovance Automotive to strengthen e-4W product portfolio

Jun 6, 2024 by Sujata Muguda 0 Comments #Charging Control Unit, #e-4W product portfolio, #Gurugram, #Inovance Automotive, #Ltd, #Mr Li Juntian, #Mr Nirmal K Minda, #Suzhou Inovance Automotive Co., #Technical License Agreement, #UNO MINDA Group, #Uno Minda Limited, #Uno Minda partners

Gurugram – June 06, 2024 : Uno Minda Limited (“Uno Minda”) (formerly known as Minda Industries Limited), a Global Tier-1 Supplier of proprietary automotive systems and solutions to original equipment manufacturers (“OEMs”) has announced that it has entered into a Technical License Agreement (“TLA”) with Suzhou Inovance Automotive Co., Ltd., China (“Inovance Automotive”) for manufacture and sale of select high voltage category electric vehicle products for passenger vehicle and commercial vehicle in India. The select electric vehicle products include Charging Control Unit (CCU), EV inverter, EV motors and next-generation 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.

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Uno Minda aims to further strengthen the partnership by transitioning it into a joint venture, subject to necessary approvals.

Founded in 2003, Inovance is a leading global provider of products and solutions in general industry, intelligent elevator, rail transit and new-energy vehicle (NEV), achieving over USD 4.2 billion in revenue in FY23. Suzhou Inovance Automotive Co., Ltd., a subsidiary of Inovance, boasts a global presence with operations spanning Germany, France, United Kingdom, Switzerland, Norway, Hungary, India, Japan, Thailand, and China. Inovance Automotive 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 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.

Mr 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 Inovance Automotive to strengthen our EV product offerings for e-4W vehicles and accelerate India’s transition to a sustainable and electrified future”

Mr Li Juntian, CEO of Inovance Automotive added; “Inovance 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.

Business World

Budget Expectation: MR. Sunil Bohra, Group CFO, UNO MINDA GROUP

Jan 30, 2021 by Neel Achary 0 Comments #Group CFO, #Mr. Sunil Bohra, #UNO MINDA Group

“2021 will be the year of recovery for the entire economy globally and in India. I believe the Indian automobile industry will play a prominent role in the revival of the Indian economy. Industry-focused plans, policies and support by the government will energize the industry and sustain the momentum. The upcoming 2021-22 Union Budget should focus on strengthening the manufacturing sector, in keeping with the government’s visionary Make-in-India and Atmanirbhar Bharat initiatives. The government has already taken some positive measures in this direction with the introduction of the Production-Linked Incentive (PLI) scheme, but there is a need for more clarity.

The automobile sector has experienced a rough phase for over two years now. The industry witnessed some of the major technology upgrades in terms of emissions and safety standards, besides going through the worst slowdown cycle, which was exacerbated by the Covid-19 pandemic. Being optimistic, we believe that the worse is behind us and a united effort all of us in the automobile ecosystem will help recovery.

The government can play a critical role in reviving the industry confidence. It should reduce the GST rate to 18% from 28%, introduce a scrappage policy, along with an incentive or tax rebate. We would also welcome a special allowance or rebate on R&D on green vehicles such as EV, hybrid and other alternative fuel vehicles.”