Micromax Planning To Enter Electric Vehicles Segment; Founders Register New Co. 'Micromax Mobility'

Homegrown smartphone maker Micromax is reportedly planning to enter the electric vehicles (EV) market, likely with two-wheelers, said a report by Techcrunch.

As per the regulatory filing, Micromax co-founders Vikas Jain, Rajesh Agarwal and Sumeet Kumar incorporated a company named "Micromax Mobility", signalling towards the company's next venture.

Citing two of its sources, privy to the development, the Techcrunch report said that Micromax is already renovating one of its offices in Gurugram to kick off work on the new venture.

In recent months, the company has seen layoffs of its top executives which was said to be in line to step in the EV manufacturing step. Co-founder Vikas Jain has also departed the firm who once replaced the Co-founder Rahul Sharma as Managing Director.

It is to be noted however that Micromax has not made any official announcement of any EV Venture though it is being speculated that the news of same might come in the upcoming days. For Micromax, it would be difficult to compete in over crowded segment of electric 2-Wheelers, where Ola Electric, Ather Energy, Ultraviolette, Tork Motors, Ampere, and other local EV companies as well as joint ventures already have a firm grip.

To recall, in 2019, Micromax's other co-founder Rahul Sharma’s electric two-wheeler startup Revolt Intellicorp had launched two electric motorcycles with what the it calls the first plan in India that offers motorcycle-as-a-service. In the same year, Micromax also participated in $2.2 Mn funding round of electric mobility service provider BlueSmart Mobility. 

Founded in 2019, by Rahul Sharma, Revolt Motors (formerly Revolt Intellicorp) is a next-gen mobility company that had introduced India's first Al-enabled motorcycle. The EV Startup has raised about $20 million in corporate funding, from RattanIndia Enterprises. 

Earlier, Chinese media outlets reported that Chinese smartphone maker Huawei might launch its "first pure electric sports sedan", Huawei Luxeed, featuring HarmonyOS 4, which will be released this quarter.


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