Micromax Plans To Get Into Electric Vehicle Business: Hello, Everyone Today I am going to share some exciting facts on the Micromax plans to get into the electric vehicle business.
The Indian smartphone manufacturer Micromax has plans to following its ‘Nothing Like Anything’ catchphrase more seriously because it is seeking to shed the image only smartphone makers.
Micromax Plans To Get Into Electric Vehicle Business
The company reportedly has plans to getting into the business of the electric vehicles, which will see as a move to diversify its products considering its dwindling market share in the smartphone business.
As the Indian market is taking over by Chinese manufacturers, Micromax which once held steady on the number two position is now well out of the reckoning for any leadership in the space.
While Micromax smartphones still generate interest among buyers, manufacturers such as Xiaomi, Lenovo, Oppo, and Vivo have taken control of the market, alongside long-time top-five brand Samsung.
It has reportedly let Micromax explore a product range of electric vehicles and batteries, as the company hopes to diversify and reduce its dependence on the highly-competitive smartphone market.
The company is reportedly likely to enter the two-wheeler and three-wheeler electric vehicle segments, where it will go up against a small number of organizations and unorganized competitors.
The company has got approvals for testing its vehicles, and also for its lithium-ion batteries that will be used to power these vehicles.
A big market for Micromax is the e-rickshaw segment, where transportation providers across the country are adopting electric-powering three wheelers for their lower cost of running and low pollution emissions.
“We are looking into electric vehicles, but it is still early days. We are talking to technology partners,” Rajesh Agarwal, the co-founder of Micromax, tells Economic Times, confirming that company does have the plans to enters the segments.
However, no other details on venture are available right now. Sources are also suggesting that the company is looking for funding for investors. Micromax will also look to finalizing a location for its production plant, which can be in an area where the automobile industry is already developing to tap into ancillary manufacturers.
So, these are the points to describe on the Micromax plans to get into the electric vehicle business. If any Questions is persisting then, please feel free to comment your viewpoints.