Uno Minda Soars 18% After Partnership with Inovance Automotive for E-4W Expansion

Shares of Uno Minda soared by 18.09% to reach a new 52-week high of ₹1,018.75 per share on Thursday. This significant rise followed the announcement of a technical license agreement (TLA) with China's Suzhou Inovance Automotive Co., Ltd.

The agreement entails the manufacture and sale of high voltage electric vehicle products for passenger and commercial vehicles in India, including charging control units (CCU), EV inverters, EV motors, and next-generation 3-in-1 electric drive systems (e-Axle). "This partnership will significantly expand Uno Minda's e-4W product portfolio, enabling them to effectively cater to the growing Indian EV market," the company stated.

"Uno Minda is committed to leading the electric vehicle transformation across all vehicle categories. Similar to our success in e-2W, we are building a strong portfolio for e-4W. We are delighted to partner with Inovance Automotive to strengthen our EV product offerings for e-4W vehicles and accelerate India's transition to a sustainable and electrified future," said Nirmal K Minda, CMD of Uno Minda Group.

Formerly known as Minda Industries Limited, Uno Minda Limited is a global tier-1 supplier of automotive systems and solutions to original equipment manufacturers (OEMs). The company aims to transition this partnership into a joint venture, subject to necessary approvals.

Established in 2003, Inovance provides products and solutions across various sectors, including general industry, intelligent elevators, rail transit, and new-energy vehicles (NEVs). Inovance Automotive, a subsidiary specializing in intelligent components and systems for electric and hybrid vehicles, supplies numerous leading Chinese and global passenger vehicle (PV) and commercial vehicle (CV) OEMs. "We are excited to collaborate with Uno Minda to expand our footprint in India's burgeoning EV market while developing innovative integrated electric drive units for the next generation of electric and hybrid vehicles," said Li Juntian, CEO of Inovance Automotive.

India's passenger car electric vehicle (EV) market is experiencing rapid growth, with sales nearly doubling in FY24 despite limited model availability. This upward trend is expected to accelerate further with the introduction of new vehicle models and the participation of global OEMs.

BS