Collaborative approach with China will help advance EV growth, says Nirmal Minda
Uno Minda
believes that collaboration, and not decoupling, will be the key to advancing in the electric vehicle (EV) segment.
Nirmal K Minda
, Executive Chairman, told ETAuto, 'A more collaborative approach is essential particularly in the EV space where we need to learn from China, which is well ahead in terms of technology and scale.'
China is currently the world's largest EV market, accounting for nearly two-thirds of total global EV sales, with top brands like BYD leading the way along with newage players like NIO and Xpeng which are disrupting the global EV market.
Minda added that it was important that "we understand their advancements alongside focusing on upgrading our own capabilities".
Partnership talks
Following the Centre's proposal to offer incentives and reduce the country's dependence on China, a recent Reuters report stated that Uno Minda and Mahindra & Mahindra were exploring plans to manufacture rare earth magnets in India. However, the component maker has said while it continues to actively engage with the various stakeholders on evaluating localisation opportunities as part of the effort to steer clear of imports, it would be premature to talk about any such opportunities "without analysing commercial feasibility and preliminary proposals".
Uno Minda has made clear that no proposal till date has been put up to the Board of Directors while M&M has, likewise, denied reports of any partnership for rare earth production.
Mature verticals
Uno Minda, which operates across 26 product lines, said it is working to scale its nascent businesses into mature verticals. 'Whichever product line we have acquired, we want to have at least 30 per cent market share, to be among the top three players,' Minda said. The company has identified the four-wheeler EV segment as a key growth focus. Over the past year, it entered into two technology collaborations in China, Suzhou Inovance Automotive and Starcharge Energy, to strengthen its position in areas such as
EV charging infrastructure
and advanced electronics.
'We are also working on further technology upgradation, especially in ADAS,' Minda added. For the two-wheeler EV segment, it has two joint ventures with Germany-based firms: Friwo, for full-line e-drive solutions, and Buehler Motor, for EV traction motors. These partnerships aim to localise key electric vehicle components such as electric motors, battery management systems (BMS), and chargers.
Uno Minda aims to outpace the industry with a growth target of 1.5x, led by new product additions and deeper penetration across segments. As part of its mid-term strategy, the company is targeting an increase in the contribution of exports and international business to around 20 per cent.
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