Micromax plans to get into the electric vehicle business


Indian smartphone manufacturer Micromax has plans to follow its ‘Nothing Like Anything’ catchphrase more seriously, as it seeks to shed its image as only a smartphone maker. The company reportedly has plans to get into the business of electric vehicles, which will be seen as a move to diversify its products considering its dwindle market share in the smartphone business.

As the Indian market is being taken over by Chinese manufacturers, Micromax which once held strong 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, Oppoand Vivo have taken control of the market, alongside long-time top-five brand Samsung. This has reportedly led Micromax to 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 organized 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 could be the e-rickshaw segment, where transportation providers across the country are adopting electric-powered three wheelers for their lower cost of running and low pollution emissions.“We’re looking into electric vehicles, but it’s still early days. We’re talking to technology partners,” Rajesh Agarwal, co-founder of Micromax, told Economic Times, confirming that the company does have plans to enter the segment. However, no other details on the venture are available right now. Sources also suggest that the company is looking for funding for investors. Micromax will also look to finalize a location for its production plant, which could be in an area where the automobile industry is already developed in order to tap into ancillary manufacturers.