Slovenia-based Gem Motors and electronics, electrical, and automotive component manufacturer Flash have partnered. For EV-related products, Pune-based Flash previously collaborated with a Polish and a French company. The collaborations were anticipated to improve the company’s EV industry offerings and give it access to a global manufacturing base. The collaboration with Gem Motors would be for EV segments with hub motors ranging from 1 kW to 15 kW.
High-tech electric motors for electric vehicles are Gem’s area of expertise. Both companies will produce hub motors as part of this new partnership for various EV market segments. Flash’s managing director, Sanjeev Vasdev, announced that Gem motors would be produced in India for both domestic and international markets. Flash is considering locations in Maharashtra or Tamil Nadu for the construction of two new plants. Six manufacturing facilities for Flash are located throughout India in Chakan, Germany, and Hungary.
The company was in discussions with investors and plans to raise money from PE firms to help partially fund the Rs 300 crore expansion. The business had previously raised Rs 125 crore. Vasdev anticipated that the company’s revenue would double in two years as a result of the expansion of the EV-related portfolio.
The company’s turnover in FY22 was Rs 1,200 crore with around 23% of revenues coming from exports.
Flash would be among the first companies to have electric vehicle motors from 1 kW to 540 kW range across two and three-wheelers, passenger cars, LCVs, and HCVs including electric buses, Vasdev said.
