'Nothing like anything' Micromax to expand into electric vehicle business
New Delhi : 'Nothing like anything' - Micromax is taking its tagline too seriously as they have plans to expand into electric vehicle business. The decision comes amid dwindling market share in the smartphone business.
With Chinese manufacturers getting more attention in Indian smartphone market, the Micromax is now looking 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 likely to make an entry in both two-wheeler and three-wheeler section where competition is not great.
The company has got approvals for testing its vehicles, and also for its lithium-ion batteries that will be used to power these vehicles.
As per reports, a big market of e-vehicles will be 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.
The company will now look for investors in the project that could transform fortune s of the Micromax in coming days.