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Uno Minda to focus on electric vehicles, new orders

Tuesday, 04 Jun 2024
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Uno Minda, supplier of lighting, switching, acoustics and seating solutions to global automobile companies, is keenly focused on EV opportunities, even as it has introduced new products and expanded the segment with new orders.

Recently, the company secured orders to supply on-board chargers, battery management systems, motor controllers, and DC-DC converters, including Rs 3,755 crore worth of orders from EV makers in FY24, comprising Rs 2,510 crore from two-wheelers and the remaining from passenger cars.

Moreover, the company plans to invest Rs 1,300 crore to Rs 1,400 crore in the current financial year and approx. Rs 2,500 crore over the next few years. The company's lighting and light metal technology (LMT) divisions proved to be major growth drivers. Lighting revenue rose by 44 percent year-on-year in the March quarter through increased adoption of app-controlled connected tail lamps by car makers, and capacity expansion. The LMT segment was supported by robust demand in two-wheeler and four-wheeler alloy wheels. 

Further, the value in the electric two-wheeler segment is projected to increase to Rs 35,000 in FY25 from Rs 28,000 in the previous year. It expects to continue the spate of revenue growth with rising content per vehicle and capacity expansion.

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