Uno Minda Limited has announced a significant partnership with Suzhou Inovance Automotive Co Ltd China formalised through a Technical License Agreement (TLA) aiming to manufacture and sell high voltage electric vehicle (EV) products for both passenger and commercial vehicles in India. The agreement includes key EV components such as Charging Control Units (CCU), EV inverters, EV motors, and next-generation 3-in-1 electric drive systems (e-Axle). This strategic move is set to expand Uno Minda's electric four-wheeler (e-4W) product portfolio, enabling the company to better serve the rapidly growing Indian EV market.
Uno Minda’s plan to transition this partnership into a joint venture highlights its commitment to deepening ties with Inovance Automotive, subject to the necessary approvals. Nirmal K Minda, Chairman and Managing Director of Uno Minda Group noted that the company is dedicated to leading the electric vehicle transformation across all vehicle categories.
Founded in 2003, Inovance has established a strong global presence with operations in countries including Germany, France, the United Kingdom, Switzerland, Norway, Hungary, India, Japan, Thailand, and China. In FY23, the company achieved over USD 4.2 billion in revenue.
Li Juntian, CEO of Inovance Automotive highlighted Inovance's dedication to providing world-class solutions for the New Energy Vehicle market and expressed confidence that this partnership would enhance their presence in India’s burgeoning EV market.
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