Uno Minda expands EV systems production with new plants; Targets Rs 1,500cr revenue by FY26

In a pivotal move reflecting its commitment to eco-friendly transportation, Uno Minda Ltd, a global frontrunner in automotive solutions, inaugurated its advanced EV systems plant in Farukhnagar, Haryana. This state-of-the-art facility, a collaborative venture with FRIWO AG Germany, will specialize in crafting critical components such as On-Board Chargers, Motor Control Units, Battery Management Systems, and more for EV 2-wheelers and 3-wheelers.

Fresh off the production line, supplies have already commenced from the Farukhnagar unit, with expectations of a heightened production surge in the ensuing quarters. August 2023 marked another milestone for Uno Minda as it rolled out its second EV systems facility under the Uno Minda Buehler Motor Private Limited (UMBM) banner in Bawal, Haryana. This plant is slated to produce traction and BLDC motors for the EV 2-wheeler and 3-wheeler segments, with supply chains prepped for activation by Q3 FY24.

Uno Minda’s electrifying pace in the EV systems arena isn’t just about infrastructure. The Q1 FY24 period alone saw the company bagging orders with an annualized peak value surpassing ₹600 crores. Their consolidated order book boasts a staggering annualized peak value exceeding ₹2500 crores, sourced from an array of EV Original Equipment Manufacturers (OEMs). With its eyes set on the future, Uno Minda ambitiously aims to rake in a revenue of around ₹1500 crores from its EV systems ventures by FY26.

Charting its journey, Uno Minda’s strategic foray into the EV systems manufacturing sector around 4-5 years ago positioned it as a pioneer. Today, the company stands tall as a market leader, boasting an unmatched portfolio of 10+ EV components, many of which are currently in production, cementing its stature as a trusted supplier to leading EV 2-wheeler OEMs.