A technical license agreement has been reached between Uno Minda Limited (previously known as Minda Industries Limited), an automotive component manufacturer, and Suzhou Inovance Automotive Company, China, for the production and sale of high voltage category automotive parts for both passenger and commercial vehicles in India.
After the declaration of a technology license agreement (TLA) with China’s Suzhou. At a fresh 52-week high of Rs 1,018.75 per share, Uno Minda’s shares saw a jump of up to 18.09 percent.
The next-generation 3-in-1 electric drive systems (e-Axle), EV motors, charging control units (CCU), and EV inverters are among the products for electric vehicles. Through this collaboration, Uno Minda’s e-4W product line is greatly increased, successfully serving the expanding Indian EV market.
Having been established in 2003, Inovance is a multinational supplier of goods and services for the general industry, intelligent elevators, rail transportation, and new-energy vehicles (NEVs), generating more than USD 4.2 billion in sales in FY23.
A division of Inovance, Suzhou Inovance Automotive Co., Ltd. operates in Germany, France, the United Kingdom, Switzerland, Norway, Hungary, India, Japan, Thailand, and China, among other nations. Major Chinese and international PV and CV OEMs are supplied with intelligent systems and components by Inovance Automotive for both hybrid and electric vehicles.
India’s market for electric vehicles (EVs) for passenger cars is expanding quickly; in FY24, sales almost doubled despite the scarcity of available models. With the introduction of new cars and the advent of international OEMs, this tendency should pick up speed.
The Minda Group’s CMD, Nirmal K. Minda, declares that the company is committed to spearheading the shift to electric vehicles in all vehicle classes. He also talks about how well they are doing in e-2W and how they are assembling a solid portfolio for e-4W. By working together, they hope to expand their four-wheel drive electric vehicle (EV) product line and hasten India’s transition to an electrified and sustainable future.
Inovance Automotive’s CEO, Li Juntian, explains the company’s dedication to providing the industry with excellent solutions for New Energy Vehicles. He emphasizes their goal of becoming more established in the rapidly growing Indian EV sector and creating cutting-edge integrated electric drive units for the upcoming generation of hybrid and electric cars.
The consolidated net profit of UNO Minda, a multinational manufacturer and Tier-1 supplier of unique automotive systems and solutions to OEMs, increased by 58.3% to Rs 289.11 crore in Q4 FY24 from Rs 182.65 crore in Q4 FY23.
In Q4 of FY24, revenue from operations increased by 31.3% YoY to Rs 3,794.02 crore. On Wednesday, June 5, 2024, at 862.65, the counter climbs 22.2%.
