PG Electroplast enters EV market with Spiro Mobility collaboration

PG Electroplast Limited (NSE: PGEL), a leader in electronic manufacturing services and plastic molding, has unveiled its expansion into the electric vehicle (EV) and lithium-ion battery sectors through an exclusive partnership with Spiro Mobility. This strategic move sees PG Electroplast’s wholly owned subsidiary, PG Technoplast Pvt. Ltd., taking the helm in manufacturing Spiro Mobility’s electric vehicles and battery components in India.

Under the terms of the definitive agreement, PG Technoplast will establish and manage dedicated manufacturing facilities for electric vehicles and lithium-ion batteries while overseeing the procurement of essential parts and raw materials. Spiro Mobility will spearhead product research, development, and distribution, leveraging its expertise as Africa’s largest EV company to make a significant impact in India’s burgeoning EV market.

Vishal Gupta, Managing Director (Finance) of PG Electroplast, highlighted the company’s aspirations, stating that this venture opens a new avenue for growth. He underscored the transformative potential of the partnership, expressing confidence in the synergy between PG Technoplast’s manufacturing expertise and Spiro Mobility’s leadership in the EV space.

Spiro Mobility’s CEO, Kaushik Burman, echoed this sentiment, citing the professionalism and proven track record of PG Technoplast as key factors that would drive mutual success. He remarked that the collaboration would not only strengthen both companies but also expand the reach of EV solutions in emerging markets like India.

Expanding India’s role in the electric vehicle revolution

PG Electroplast’s decision to diversify into the EV and battery assembly sectors is a strategic response to India’s increasing focus on sustainable energy solutions. With government policies encouraging the adoption of EVs and advancements in lithium-ion technology, this collaboration positions the company to capitalize on a market with immense growth potential.

Spiro Mobility, a trailblazer in Africa’s EV market, brings deep insights into consumer needs and market dynamics. Its partnership with PG Technoplast aims to create affordable, high-quality EVs tailored to Indian consumers while addressing global challenges like climate change and energy sustainability.

This venture underscores PG Electroplast’s commitment to innovation, combining its longstanding expertise in electronic manufacturing with the demands of a rapidly evolving industry. The collaboration also represents a step forward in strengthening India’s position as a global manufacturing hub for electric vehicles and batteries.

About PG Electroplast

PG Electroplast Limited is a trusted provider of electronic manufacturing services, offering comprehensive solutions from plastic injection molding to original equipment manufacturing. With a strong portfolio that includes room air conditioners, washing machines, air coolers, and LED TVs, the company serves as a vital partner to leading electronics brands in India.