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