Indian smartphone maker Micromax is reportedly planning to dive into electric vehicle and battery manufacturing segment. The decision to dive into EV and battery manufacturing segment comes at a time when consumer electronics segment facing high competition.
According to ET the homegrown smartphone and consumer electronics manufacturer is in advanced stages of completion of the testing formalities for the vehicles and has got approvals for some of its lithium battery categories.
The publication notes that the company is planning to enter the two and three-wheeler EV segment and is testing the prototypes. Micromax recently got certification for lithium batteries for e-rickshaws and e-autos. The company is currentlyin talks with various investors for funding.
Rajesh Agarwal, co-founder of Micromax, speaking to the publication said that the company looking into electric vehicles, but it’s still in early days.
The company sees big opportunity in the EV segment as handful of players existed and there’s demand from both private and government sides.
The government is considering fiscal and other incentives for electric vehicles under the second phase of FAME scheme which is expected to include waiving of registration and road tax on sale of Evs beside duty waivers and incentives for manufacturers.
The report states that once the company’s prototypes receive approval from government testing authorities, the company will work on finalizing the location for the manufacturing unit.