Latest news with #UnoMinda
Time of India
8 hours ago
- Automotive
- Time of India
Collaborative approach with China will help advance EV growth, says Nirmal Minda
While the 'China plus one' strategy is intended to promote greater levels of self-reliance for India, 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.
Time of India
5 days ago
- Automotive
- Time of India
Mahindra denies collaboration with Uno Minda on rare earth production
Mahindra & Mahindra Ltd. has officially denied recent media reports suggesting a potential collaboration with auto component manufacturer Uno Minda for the local production of rare earth materials. The clarification was issued in a regulatory filing dated July 14, 2025, to stock exchanges. The company was responding to a Economic Times report published on July 10, which claimed the two firms were exploring joint efforts to locally source rare earth elements in a bid to reduce dependence on China — a dominant player in global rare earth supply. Mahindra's clarification In its filing, Mahindra clarified, 'While Uno Minda is a valued supplier, there are no ongoing discussions or any proposed collaboration for rare earth production.' It further emphasised that the company routinely assesses strategic business opportunities as part of its regular operations but asserted that there is no material information warranting disclosure under Regulation 30 of SEBI's Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015. The increasing reliance on EVs has led many global automakers to seek local alternatives for sourcing these critical materials to reduce risks associated with supply chain disruptions. Mahindra reiterated its commitment to regulatory compliance and investor transparency, stating that any material developments in the future would be duly disclosed as per applicable laws.
Hindustan Times
6 days ago
- Automotive
- Hindustan Times
Auto recap, July 13: Loose FASTag users to be blacklisted, Mahindra and Uno Minda to produce rare-earth magnets
The National Payments Corporation of India and the Ministry of Road Transport and Highways have issued some key changes to the FASTag rules aimed at streamlining toll payments, reduce disputes and tackle frauds. Notify me The automotive sector is undergoing swift transformations, making it challenging to remain updated on all the recent developments. At HT Auto, we are committed to providing the most pertinent and up-to-date information as it emerges. Presented below is a brief summary of the main highlights from Sunday, July 13. Loose FASTag users to be blacklisted by NHAI The National Highway Authority of India (NHAI) is ready to take strict action against the national highway users who don't paste the FASTag stickers on the designated spot on the car windshield. The NHAI has further strengthened its policy of immediately reporting and blacklisting of loose FASTags, which is a practice commonly known as 'tag-in-hand'. The agency aims to take this step in an attempt to curb toll fraud and ease congestion at toll plazas. The Ministry of Road Transport and Highways (MoRTH) in an official statement has said that this move will make the toll operations further smooth. The release also stated that in view of upcoming initiatives like the Annual Pass System and Multi-Lane Free Flow (MLFF) tolling, it is critical to address this issue to ensure FASTag authenticity and system reliability. With the move, the authority has further streamlined its policy for the toll collecting agencies and concessionaires to immediately report loose FASTags. Also Read : Loose FASTag users to be blacklisted by NHAI, no more 'tag-in-hand' at toll plazas. Know more Mahindra and Uno Minda to produce rare-earth magnets in India Auto manufacturer Mahindra, as well as auto component manufacturer Uno Minda, are eyeing the local production of rare earth magnets in India with an aim to cut reliance on China. This plan is being devised keeping in sync with the Indian government's initiative to incentivise the production of the critical components. Also Read : Mahindra and Uno Minda plan to produce rare-earth magnets in India, eyeing to cut dependence on China Indian Auto Sector Struggles in Q1 FY26 Amid Rising Costs, Slowing Exports India's auto sector is likely to be hit with margin pressure once again during the first quarter of FY26, a recent report by HDFC Securities has stated. Also Read : Indian auto sector faces tough Q1 FY26 as costs climb and exports slow: Report The report does not give an optimistic outlook for original equipment manufacturers (OEMs) since a mix of elevated input prices, softer demand, and regulatory changes could dent profitability in the short term. Get insights into Upcoming Cars In India, Electric Vehicles, Upcoming Bikes in India and cutting-edge technology transforming the automotive landscape. First Published Date: 14 Jul 2025, 08:46 am IST
Hindustan Times
6 days ago
- Automotive
- Hindustan Times
Mahindra and Uno Minda plan to produce rare-earth magnets in India, eyeing to cut dependence on China
Samples of rare earth minerals from left, Cerium oxide, Bastnasite, Neodymium oxide and Lanthanum carbonate are on display. (REUTERS) Notify me Auto manufacturer Mahindra, as well as auto component manufacturer Uno Minda, are eyeing the local production of rare earth magnets in India with an aim to cut reliance on China. This plan is being devised keeping in sync with the Indian government's initiative to incentivise the production of the critical components. China produces around 90 per cent of the rare earth magnets, controls the global market for this critical component that is highly important for the automotive industry. In the wake of the trade war between the US and China, the latter put restrictions on the export of rare earth magnets in April this year. While China has restarted some supplies to the United States and Europe, the Indian companies are still awaiting clearance, which is causing tension in the industry as a prolonged shortage of the critical component could eventually result in a production shutdown, causing massive disruption in the industry. Reuters has reported that this situation has prompted the Indian government to look at building up stockpiles of rare earth magnets and offering incentives for the domestic manufacturing of the components that are critical to making electric vehicles and electronics. The news agency has reported, quoting a government official, that some companies have shown interest in investing or setting up rare earth magnet production, including Mahindra. "It will take a year or two to have our own production ... But we have to find ways to be independent," he reportedly said. During a meeting in June with India's Ministry of Heavy Industries, Mahindra reportedly said that it is open to partnering with a company to make rare earth magnets or entering a long-term contract with a supplier producing them locally. The homegrown auto giant that recently launched two electric SUVs, namely the XEV 9e and BE 6, has captive demand for rare earth magnets and has indicated that the investment to make them locally is not that high. On the other hand, auto component manufacturer Uno Minda, which is a supplier of parts to major carmakers in the country like Maruti Suzuki, also reportedly expressed interest in the local manufacturing of rare earth magnets at the same meeting. Among others, auto component maker Sona Comstar, which supplies gears and motors to companies including Ford and Stellantis, was the first Indian company to show interest in making rare earth magnets locally, reported the news agency. A final decision by the Mahindra and Uno Minda on the timeline of any investment into making rare earth magnets in India will depend on incentives offered by the government and the availability of raw materials, said the report. Availability of raw materials in India, which has the world's fifth-largest reserves of rare earth minerals, is not the biggest challenge. But the mining of them is. The government controls rare earth mining through its entity IREL, which had an output of about 2,900 tons of rare earth ores in 2024. Most materials are used by the country's atomic and defence units, while some are exported to Japan. But after the recent disruption of China's exports, IREL has plans to stop exports and expand its domestic mining and processing. Besides that, India is also looking to secure raw materials from elsewhere. Last December, IREL sent a team to Myanmar to study local rare earth resources, and the Indian government is working with five Central Asian countries to jointly explore the mining of critical minerals. Get insights into Upcoming Cars In India, Electric Vehicles, Upcoming Bikes in India and cutting-edge technology transforming the automotive landscape. First Published Date: 13 Jul 2025, 09:24 am IST
Economic Times
11-07-2025
- Automotive
- Economic Times
China rethink: India steps up rare-earth effort with Rs 1,345 crore push
The Indian government has allocated Rs 1,345 crore to boost domestic production of rare earth magnets, as announced by Heavy Industries Minister HD Kumaraswamy. This initiative follows China's imposition of export restrictions on rare earth elements and magnets in April. Tired of too many ads? Remove Ads M&M, Uno Minda, others dive in Tired of too many ads? Remove Ads India taps into potential In a major push to develop critical technology supply chains , the Centre has earmarked Rs 1,345 crore to establish domestic production of rare earth magnets , Heavy Industries Minister HD Kumaraswamy announced on Rizvi, Secretary at the Ministry of Heavy Industries , added that the draft scheme for rare earth magnet processing has already been circulated for inter-ministerial consultations, setting the stage for a comprehensive policy move comes after China, the world's dominant supplier, imposed export restrictions in April this year on seven rare earth elements and finished magnets. Under the revised rules, Chinese exporters must secure licences and submit end-use declarations confirming materials won't be used in defence or re-exported to the had reported earlier citing sources familiar with the discussions that the Ministries of Heavy Industries and Mines were in the process of finalising guidelines to incentivise local manufacturing of rare earth magnets and minerals—key inputs for sectors including telecom, electric vehicles, and proposed scheme is expected to cover both private companies and public sector enterprises, offering incentives to set up domestic capacity across the value chain—from mining and refining critical minerals to fabricating finished magnets, according to the reported citing sources on Thursday that automaker Mahindra & Mahindra and parts maker Uno Minda have already expressed strong interest in setting up domestic magnet a meeting with the Ministry of Heavy Industries in June, Mahindra indicated it could either partner with an established producer or enter a long-term supply agreement with a local the company launching new electric SUVs, captive demand for magnets is growing. Uno Minda, which supplies major automakers such as Maruti Suzuki, also signalled plans to explore local proposals follow earlier interest from Sona Comstar, which supplies gears and motors to global companies including Ford and Stellantis, and was the first Indian company to formally express intent to produce magnets officials told Reuters that final decisions on investment timelines would hinge on the incentives under the scheme and the ease of securing raw which imported more than 80% of its 540 tonnes of magnets from China last fiscal, has already begun to feel the impact of tightened Beijing controlling over 90% of global magnet processing capacity, officials told PTI that the scheme is crucial to secure supply chains for critical applications such as electric motors, braking systems, smartphones, and missile guidance China sits atop the world's largest reserves of rare earth elements—estimated at 44 million tonnes—India ranks third globally with deposits totalling 6.9 million tonnes, according to the US Geological Survey.
