In 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.
Mecwin 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.
“As 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.
The 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.
“Retrofitting 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.
EV 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.
The 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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