The Indian consumer company Micromax Informatics is planning to enter the production space of electric vehicles and batteries.
According to ET, the company is in advanced stages of executing the test formalities for electronic vehicles and has also obtained approval for some of its categories of lithium batteries.
Industry sources have told ET that Micromax is eager to enter the category of two and three-wheeled electric vehicles. It is said that the company is testing vehicle prototypes and has also obtained the certification of lithium batteries for electric cars and rickshaws.
The source also revealed that the company is in talks with investors to obtain funds.
Confirming the company's foray into electric vehicles, Rajesh Agarwal, co-founder of Micromax, told ET: "We are investigating electric vehicles, but it is still early, we are talking to technology partners"
. Very limited in the etree wheel segment – Bajaj Auto, Mahindra and Mahindra, TVS and Piaggio Ape – while the e-rickshaw market is largely disorganized.The scope in the electric vehicle segment is very broad. mobility, we hope that three-wheeled electric vehicles and two-wheelers will improve quickly, "an anonymous Micromax executive told ET.
He further stated that once the authorities approve the prototypes of the company, the company will go to establish a manufacturing unit after finishing the location.
Reactivation through electricity
Micromax has been struggling with its smartphone sales and its immersion market share in the category. They also ventured into the category of household appliances with a wide range of air conditioners, televisions and more in recent years.
Shortly after the emergence of Chinese smart phone brands in India, Mircomax, despite popularity, moved from second place in market share to out-of-competition space. Manufacturers such as Xiaomi, Oppo, Vivo and Lenovo have reached the top of the list along with the perennial market leader, Samsung.
With the move to venture into electric vehicles, Micromax seeks to diversify its product portfolio and restrict dependence on the overpopulated smartphone market.
Micromax could be targeting a large market in the e-rickshaw category as it is very disorganized and is a great opportunity to take advantage of. In addition, under the scheme of FAME (faster adoption and manufacture of hybrid and electric vehicles), the government of the Union is considering the granting of fiscal and other incentives for electronic vehicles to promote ecological alternatives. The assignment may include exemption from registration and road tax on the sale of electric vehicles.
In recent years, the adoption of electric vehicles has been a boost both in metropolitan cities and in cities of level 2, 3. Entering the electronic vehicle market could soon help Micromax develop its identity and reaffirm its presence in the market.