its endeavour to revolutionise the promising EV retrofitting segment, Bengaluru-based
Mecwin India, the fastest-growing electric vehicle motor manufacturing company,
is foraying into the little-explored electric vehicle-retrofitting segment with
a Rs. 1,500-crore deal.
India signed a Memorandum of Understanding (MoU) with Raipur-based Tatva Group
for manufacturing and supplying 5 lakh retrofit kits for different kinds of
vehicles over the next three years.
a part of the MoU, we will supply retrofit kits, which will include motor,
controller, lithium-ion battery, and charger, for 2, 3, & 4-wheelers (light
commercial vehicles) to Tatva Group. The deal has an order value of
approximately Rs. 1,500 crore,” said Dr. Shiva Kumar HM, Co-founder and
Director of Mecwin India.
EV retrofitting market offers immense potential for the conversion of old
petrol-driven vehicles to 100% pure electric vehicles. However, the segment is
still largely unexplored in India, and the deal between Mecwin India and Tatva
Group is among the first and the largest of its kind.
has a huge potential to bring people closer to electric vehicles. It also
increases the useful life span of existing vehicles and would also not fall
into the new scrappage policy. There are millions of petrol vehicles on Indian
roads. The market size is huge even if only a fraction of them are retrofitted
with EV kits. The current demand for EV retrofitting kits is met by Chinese
imports. With this deal with Tatva Group, we want to revolutionise the
retrofitting segment with EV kits that are designed, developed, and Made in India,
and are ideal for the Indian road conditions. The deal will also contribute
immensely to the Atmanirbhar Bharat initiative, by reducing import dependence,”
Dr. Shiva Kumar stated.
retrofitting offers several advantages, the first and foremost being its
significantly lower cost than buying a new electric vehicle. Since the vehicle
runs on batteries, the users can avoid the high fuel costs. Moreover, EV
retrofitting helps in enhancing the lifespan of the vehicles.
electric vehicles have no carbon emissions making them environment-friendly.
Electric vehicles also require very little routine maintenance, further
contributing to lower running costs. Needless to say, EV retrofitting has taken
off in a big way in India with more than 50-60% growth on a year-on-year basis.
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