The select electric vehicle products include Charging Control Unit (CCU), EV inverter, EV motors and r,extgeneration 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.

The company said that 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.

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 lnovance Automotive to strengthen our EV product offerings for e-4W vehicles and accelerate India's transition to a sustainable and electrified future"

Li Juntian, CEO of lnovance Automotive, added; "lnovance 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.”

Uno Minda is a leading global manufacturer and supplier of proprietary automotive solutions and systems to OEMs as Tier-1. The company is one of the leading manufacturers of automotive switching systems, automotive lighting systems, automotive acoustics systems, automotive seating systems and alloy wheels in India.

The company’s consolidated net profit jumped 58.3% to Rs 289.11 crore in Q4 FY24 as compared with Rs 182.65 crore in Q4 FY23. Revenue from operations increased 31.3% YoY to Rs 3,794.02 crore in Q4 FY24.

The counter jumped 2.22% to end at Rs 862.65 on Wednesday, 5 June 2024.