Uno Minda partners with Suzhou Inovance Automotive to enhance India’s EV capabilities

In a significant move to bolster India’s burgeoning electric vehicle (EV) sector, Uno Minda Limited (formerly known as Minda Industries Limited), a leading global Tier-1 supplier of automotive systems, has entered into a Technical License Agreement (TLA) with Suzhou Inovance Automotive Co., Ltd., China. This collaboration is set to revolutionize the manufacture and sale of high-voltage electric vehicle components in India, including Charging Control Units (CCU), EV inverters, EV motors, and next-generation 3-in-1 electric drive systems (e-Axle).

Strategic Expansion in Electric Vehicle Market

The partnership marks a strategic expansion of Uno Minda’s e-4W product portfolio, significantly enhancing their capabilities in the electric vehicle domain. This agreement not only positions Uno Minda as a formidable player in the Indian market but also aligns with the country’s accelerating shift towards sustainable automotive solutions. The initial agreement, with potential future plans for a joint venture pending necessary approvals, underscores a long-term commitment between the two automotive giants.

Founded in 2003, Suzhou Inovance Automotive, a subsidiary of the broader Inovance group, has established itself as a dominant force in the global market, boasting operations across Europe, Asia, and beyond. The company’s impressive FY23 revenue exceeded USD 4.2 billion, highlighting its significant impact and expertise in the new-energy vehicle (NEV) sector.

Growth of India’s EV Market

India’s electric vehicle market is witnessing unprecedented growth, with passenger car sales nearly doubling in FY24 despite limited model availability. This trend is expected to continue as new models are introduced and global OEMs enter the market. Uno Minda’s partnership with Inovance Automotive is timely, as it taps into this rapid market expansion and the increasing demand for advanced electric vehicle technologies.

Leaders’ Perspectives on the Partnership

Nirmal K Minda, Chairman and Managing Director of Uno Minda Group, expressed enthusiasm about the partnership, stating, “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.”

Echoing this sentiment, Li Juntian, CEO of Inovance Automotive, remarked, “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.”

The strategic partnership between Uno Minda and Suzhou Inovance Automotive is poised to make a significant impact on India’s EV industry. It not only enhances Uno Minda’s product offerings but also brings advanced technology and innovation to the forefront of India’s electric vehicle market. This collaboration is expected to set a benchmark in the EV component sector, potentially influencing similar partnerships and technological advancements in the region.