Shares of UNO Minda Ltd. rose after it commissioned two new plants for manufacturing electric vehicle components and systems. The company received new orders with annualised peak value of more than Rs 600 crore for EV systems during the June-April quarter of the current fiscal, as per am exchange filing.
The company has also received new orders with annualised peak value of more than ={600 crores for EV systems during the Ql FY24. The aggregate order book now stands at more than �2500 crores annualised peak value from EV OEMs comprising of both existing and EV specific products. The company is targeting to achieve �1500 crores in revenue from EV systems by FY26.
Automotive solutions and systems manufacturer and supplier, UNO Minda Ltd. commissioned a new EV system plant in Farukhnagar, Haryana under the joint venture with Friwo AG Germany. This new plant would manufacture on-board and off-board chargers, motor control units, DCDC converters, battery management systems, and other products for two and three-wheeler electric vehicles. Supplies from the plant have already started and is expected to further ramp-up in coming quarters.
UNO Minda Ltd. also bagged another order in August for the second new EV systems plant under its subsidiary Uno Minda Buehler Motor Pvt. in Bawal, Haryana. The plant will manufacture traction motors or BLDC motors for two and three-wheeler electric vehicles.
The company's aggregate order book now stands at more than Rs 2,500 crore and it targets to achieve Rs 1,500 crore in revenue from EV systems by FY26. Additionally, Rajiv Kapoor, the chief human resource officer of the company also tendered his resignation from the position as of Aug. 16, 2023 on his own accord, said an exchange filing.
