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EV portfolio to drive Uno Minda growth
Business Standard
|June 07, 2024
The stock of auto component maker Uno Minda jumped 13 per cent on Thursday after it announced a technical licensing agreement with ChinaInovance based Suzhou Automotive Company.
The company will develop, manufacture, and sell four-wheeler electric powertrain products. Over a one month period, the gains extended to 33 per cent given the better than expected fourth-quarter results in 2023-24 (Q4 FY24).
The immediate trigger for the stock is the technical collaboration with the Chinese company for the manufacture and sale of select high-voltage category electric vehicle products for passenger and commercial vehicles in India. The range of EV products includes the charging control unit, inverter, motors, and three-in-one electric drive systems (e-axle).
The management highlighted that the partnership would significantly expand Uno Minda's e-4W product portfolio, enabling it to effectively cater to the growing Indian EV market. The company is seeking to convert the technical collaboration into a joint venture, going ahead.
Dit verhaal komt uit de June 07, 2024-editie van Business Standard.
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