Musashi enters India EV market, to invest Rs 70 Cr in Phase 1
The Japanese auto parts manufacturer intends to manufacture a new electric vehicle unit comprising a motor, power control unit, and gearbox.
In a recent announcement, Musashi, a Japanese auto parts manufacturer, revealed its foray into the electric mobility sector in India. Teaming up with BNC Motors, the company disclosed plans to invest Rs 70 crore in the initial phase of this venture.
Musashi India, a wholly-owned subsidiary of Musashi Seimitsu Industries, specialises in producing transmission components for both two-wheelers and four-wheelers powered by internal combustion engines.
Leveraging its expertise in design and engineering, the company intends to manufacture a new electric vehicle (EV) unit comprising a motor, power control unit (PCU), and gearbox.
Starting in October, Musashi will commence production of the e-Axle at its Bengaluru plant. As part of this expansion, the company will allocate Rs 70 crore to establish an assembly line dedicated to the product at its manufacturing facility in Bengaluru.
Toshihisa Otsuka, CEO of India and Africa Region at Musashi Seimitsu Industries, expressed the company's commitment to introducing Musashi's advanced technology and expertise to India's electric mobility sector. Their primary goal is to provide crucial components that contribute to the growth and success of electric vehicles.
Musashi's entry into the e-mobility market in India is facilitated through a strategic collaboration with Bharat New-Energy Company (BNC) Motors. Additionally, the company has already inked initial agreements with Strom in Thailand, EV Go in Vietnam, and Arc Ride in Kenya, with plans to supply them with e-Axles manufactured in India.
Taiwanese electronics manufacturer Foxconn is also eyeing entry into the EV manufacturing sector in India where the company has been engaged in discussions with various state governments in India.
While Foxconn already has a partnership with Ather Energy, an electric scooter manufacturer, it is expected to seek additional collaborations as it ventures into the EV market. According to sources cited by the publication, the company may even explore a partnership with a prominent Indian auto company.