Tier 1 supplier Uno Minda has recently commissioned a new electric vehicle systems plant in Farukhnagar, Haryana under the joint venture with Germany’s Friwo. Earlier this month it had commissioned its second EV systems plant in Bawal, Haryana under its subsidiary Uno Minda Buehler Motor.
The Farukhnagar plant will manufacture on-board charger, off-board charger, motor control unit, DC-DC converter, Battery Management System (BMS), and other products catering to electric two- and three-wheelers. The supplies from the plant have already started and is expected to further ramp-up in coming quarters with start of production (SOP) of more orders received.
The second new EV systems in Bawal will manufacture traction motors/BLDC motors for electric two- and three-wheelers. UMBM has already received orders from OEMs and is expected to start supplies by Q3 FY2024.
Targetting Rs 1,500 crore revenue from EV components
Uno Minda says it has also received new orders with annualised peak value of more than Rs 600 crore for EV systems during the Q1 FY2024. The aggregate order book now stands at more than Rs 2,500 crore annualised peak value from EV OEMs comprising of both existing and EV specific products.
The tier 1 supplier is targeting to achieve Rs 1,500 crore revenue from electric vehicle systems by FY2026. What’s driving the confidence is that being an early entrant in the EV component manufacturing space 4-5 years back it claims to have now attained market leadership. The company has built unrivalled and unparalleled portfolio of more than 10 EV components, most of which are under production and are being supplied to leading electric two-wheeler manufacturers.
