Uno Minda and Suzhou Inovance Automotive of China have announced a strategic joint venture aimed at producing high-voltage electric vehicle (EV) components in India. This collaboration marks a significant step in Uno Minda’s expansion into the growing Indian EV market.
The joint venture will leverage Uno Minda’s extensive manufacturing capabilities in India and Inovance Automotive’s expertise in EV powertrain systems. The focus will be on developing critical EV components such as motors, e-axles, inverters, and charging stations for both passenger and commercial vehicles.
As per the agreement, Inovance Automotive’s Hong Kong-based investment arm will acquire a 30% stake in Uno Minda Auto Innovations Private Limited, a subsidiary of Uno Minda. Uno Minda will retain a 70% controlling interest in the new venture, ensuring it remains the dominant partner in the collaboration.
With production and distribution based exclusively in India, the joint venture will cater to original equipment manufacturers and sell products under both the Uno Minda and Inovance brands. This partnership strengthens both companies’ commitment to the rapidly expanding Indian EV industry.
The venture builds on a previous technical licensing agreement between the two firms, signed in June 2024, and reflects a growing focus on local manufacturing to support the development of India’s electric vehicle infrastructure.
