Uno Minda Group’s electric two-wheeler kit value jumps to Rs 35,000

The company, which has one of the largest parts catalogues for electric two-wheelers, has recently commissioned two new plants under its joint ventures for manufacturing EV-specific components including on-board chargers and battery management systems. Sunil Bohra, CFO, Uno Minda Group, reveals the future growth strategy.

By Mayank Dhingra calendar 09 Sep 2023 Views icon25210 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp

The Gurugram-headquartered Uno Minda Group, which commissioned two EV components plants in Haryana last month, has seen its kit value for electric two-wheelers jump to Rs 35,000 per vehicle. With a range of EV-specific parts spanning on-board chargers, DC-DC convertors, and battery management system (BMS), among others, the company says it has one of the largest EV parts catalogues in the industry for both electric two- and three-wheeler categories.  

In an exclusive interaction with Autocar Professional, Sunil Bohra, CFO, Uno Minda Group, said, “In the last four years, our kit value in the economy ICE two-wheeler category has grown from around Rs 6,200 to Rs 10,600 per vehicle, and this is only based on the components which are common to both ICE and EVs. On top of it, we have also built our EV kit value profile of almost Rs 35,000, and therefore, our EV kit value for the electric two-wheeler segment today is almost four times that of our ICE business.”

In Q1 FY2024, the Uno Minda Group won new EV-specific business worth over Rs 600 crore. The company ihas targeted Rs 1,500 crore in revenues from EV systems by FY2026.

At the Auto Expo Components Show 2023, Uno Minda had showcased its electric two-wheeler technology demonstrator, with a host of in-house-developed solutions as well as some bought-out parts for the e-two-wheeler segment. The company says it has been realising greater emphasis to develop its EV portfolio over the last several years. “We have been putting immense efforts into the R&D of our EV portfolio, and have come to offer almost an entire range of parts for an electric two-wheeler, right from the drivetrain, to switches, lighting, instrumentation, and telematics,” Bohra added.

BAGS NEW BUSINESS WORTH Rs 600 CRORE IN Q1 FY2024

In August 2023, the Uno Minda Group commissioned two new manufacturing plants in Haryana under its respective joint ventures with FRIWO and Beuhler Motor, has received new orders worth Rs 600 crore for EV systems in the Q1 FY24 period itself. While supplies from its FRIWO JV facility in Farukhnagar, Haryana for Motor Control Units (MCUs), on- and off-board chargers, and DC-DC converters, have already commenced, the second plant is slated for SOP from Q3 FY24.

The Uno Minda Beuhler Motor joint venture facility in Bawal, Haryana, will manufacture traction and BLDC motors for the electric two- and three-wheeler segments. The Uno Minda Group is targeting a combined revenue of Rs 1,500 crore from EV systems by FY2026.

While the Group’s average R&D spend lies in the range of 3-4 percent of its topline, according to Bohra, the company cannot be selective about investing into new or legacy products. “Although there are growth opportunities from EV-specific components, we must ensure that our backbone remains strong. The premiumisation trend in the market is also bringing strong uptake in our legacy products such as LED lights, and alloy wheels, and therefore, our capex is spread across our product lines and technologies,” he said.

“We will continue to cater to both ICE and EV segments. Our aim is to grow continuously and sustainably by 1.5x of the market and that is clearly evident from our performance in Q1 FY24,” Bohra signed off.

ALSO READ: 
EV sales in India hit a million units for second year in a row  

RELATED ARTICLES
Norton Motorcycles to ‘Make in India’ from 2025

auther Autocar Pro News Desk calendar22 Jul 2024

TVS-owned British brand, which plans to launch six all-new motorcycles over the next three years and produce them at its...

Curvv will not be a niche product: Tata Motors’ Vivek Srivatsa

auther Autocar Pro News Desk calendar20 Jul 2024

Despite the coupé-SUV body style, Tata Passenger Electric Mobility's chief commercial officer Vivek Srivatsa believes th...

Nissan Motor India reveals fourth-gen X-Trail ahead of launch

auther Autocar Pro News Desk calendar18 Jul 2024

The seven-seater X-Trail SUV will be brought into India as a CBU and will be available only with a petrol engine. The mi...