Uno Minda Expands EV Powertrain Portfolio with Inovance JV
Uno Minda announced a joint venture with Suzhou Inovance Automotive to develop high-voltage EV powertrain components for passenger and commercial vehicles. Under the agreement, Inovance Automotive (HK) Investment Co will acquire a 30% stake in Uno Minda Auto Innovations, while Uno Minda retains 70% ownership. The JV will manufacture combined charging units, E-axles, inverters, and motors, strengthening Uno Minda’s EV segment.
This move builds on their June 2024 technical license agreement and will operate under both Uno Minda and Inovance brands in India. Uno Minda also posted strong financials, with a 20% YoY net profit jump to ₹157 crore and revenue reaching ₹3,136 crore, reflecting robust growth in the EV component market.