This new plant would manufacture on-board charger, off-board charger, motor control unit, DCDC converter, battery management system, and many more products catering to EV 2-wheeler and 3-wheeler.

"Supplies from this plant has already started and is expected to further ramp up in coming quarters with start of production (SOP) of more orders received,” the company said in a statement.

In August 2023, Uno Minda commissioned its second new EV systems plant under subsidiary Uno Minda Buehler Motor Private Limited (UMBM) in Bawal, Haryana. The plant will manufacture traction motors/BLDC motors for EV 2-wheeler and 3-wheeler. UMBM has already received orders from OEMs and is expected to start supplies by Q3 FY24.

The company has also received new orders with annualised peak value of more than Rs 600 crore for EV systems during the Q1 FY24. The aggregate order book now stands at more than Rs 2500 crore annualised peak value from EV OEMs comprising of both existing and EV specific products. The company is targeting to achieve Rs 1,500 crore in revenue from EV systems by FY26.

Uno Minda (formerly Minda Industries) is one of the leading manufacturers of automotive switching systems, automotive lighting systems, automotive acoustics systems, automotive seating systems and alloy wheels.

The company reported 24.47% rise in consolidated net profit to Rs 172.75 crore on a 21.03% increase in sales to Rs 3,092.66 crore in Q1 FY24 over Q1 FY23.