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Stock Report
Uno Minda commissions two new plants for manufacturing of EV components and systems
Posted On : 2023-08-16 13:19:16( TIMEZONE : IST )
Uno Minda Ltd, a leading global manufacturer and supplier of proprietary automotive solutions and systems, has recently commissioned a new EV systems plant in Farukhnagar, Haryana under the joint venture with FRIWO AG Germany. This new plant would manufacture On-Board Charger, Off-board charger, Motor Control Unit, DCDC converter, Battery Management System, and many more products catering to EV 2wheeler and 3wheeler. Supplies from this plant has already started and is expected to further rampup in coming quarters with start of production (SOP) of more orders received.
In August 2023, Uno Minda Ltd commissioned its second new EV systems plant under subsidiary Uno Minda Buehler Motor Private Limited (UMBM) in Bawal, Haryana. The plant will manufacture traction motors/BLDC motors for EV 2-wheeler and 3-wheeler. UMBM has already received orders from OEMs and is expected to start supplies by Q3 FY24.
The company has also received new orders with annualised peak value of more than Rs. 600 crores for EV systems during the Ql FY24. The aggregate order book now stands at more than Rs. 2500 crores annualised peak value from EV OEMs comprising of both existing and EV specific products. The company is targeting to achieve Rs.1500 crores in revenue from EV systems by FY26.
Started out 4-5 years back, Uno Minda was one of the few early entrants in EV systems manufacturing and is now the market leader EV system manufacturing as well. The company has built unrivalled and unparalleled portfolio of more than 10+ EV components, most of which are under production and are being supplied to leading EV 2wheeler OEMs.
Shares of Minda Industries Limited was last trading in BSE at Rs. 583.70 as compared to the previous close of Rs. 589.90. The total number of shares traded during the day was 7086 in over 562 trades.
The stock hit an intraday high of Rs. 591.95 and intraday low of 572.85. The net turnover during the day was Rs. 4117843.00.
