Uno Minda’s shares have gained 6.25 per cent after the company inaugurated two new manufacturing plants aimed at producing electric vehicle (EV) components and systems.
The plant located at Farukhnagar in Haryana operates as a joint venture with FRIWO AG, Germany. This plant is dedicated to produce vital products for EV two-wheelers and three-wheelers, including On-Board Chargers, Off-Board Chargers, Motor Control Units, DC-DC Converters, and Battery Management Systems. Production has already commenced, with plans for escalated output based on incoming orders.
The second plant, commissioned under Uno Minda Buehler Motor Private Limited (UMBM) in Bawal, Haryana, specialises in manufacturing traction motors and BLDC motors for EV two-wheelers and three-wheelers. With orders from original equipment manufacturers (OEMs) secured, UMBM is scheduled to begin supplies in Q3 FY24.
In the initial quarter of FY24, Uno Minda obtained new orders totalling an annualised peak value of over ₹600 crore for EV systems. The company’s aggregate order book, encompassing existing and EV-specific products, has now exceeded ₹2,500 crore in annualised peak value.
The shares were up by 6.25 per cent to ₹620 at 1.22 pm on BSE.