Micromax, a New Delhi-based phone manufacturer, is planning to enter the electric vehicle (EV) manufacturing space in India, according to a report. The company has faced tough competition from Chinese brands in the country, which resulted in layoffs and the departure of senior executives. In an effort to recover, Micromax aims to produce EVs that will compete with offerings from Ather Energy, Matter Aera, and Ola Electric. This strategic move follows a continuous decline in smartphone shipments for Micromax.
A recent report by TechCrunch revealed that Micromax’s layoffs and the departure of top executives, including the Chief Product Officer and Chief Business Officer, are a direct consequence of the company’s plans to venture into the EV manufacturing sector. Co-Founder Vikas Jain, who took over as Managing Director after Co-Founder Rahul Sharma resigned in April 2021, has also left the firm, as reported by TechCrunch.
In August 2014, Micromax became the top smartphone maker in India, surpassing market leader Samsung. At that time, the company announced its intention to offer smartphones running on both Microsoft’s mobile operating system and Android. However, the influx of Chinese smartphone makers such as Xiaomi, Oppo, and Vivo, with their competitive pricing, posed a challenge to Micromax’s popularity in subsequent years. By the following year, the brand had slipped to the 10th position among phone brands in the country.
In February, Micromax’s founders, Rajesh Agarwal, Sumeet Kumar, and Vikas Jain, established a new firm called Micromax Mobility, according to the report. Sources confirmed that the new company will initially focus on producing two-wheeler EVs. Additionally, TechCrunch revealed that Micromax is currently renovating an office in Gurugram as part of its strategy to enter the mobility sector.
Although Micromax has not made an official announcement regarding its plans, if the company enters the EV market, it will face tough competition from established brands such as Ather Energy, Matter Aera, and Ola Electric. Moreover, the four-wheeler EV segment in India already includes Tata, Hyundai, MG, Maruti, and BYD, offering a wide range of vehicles at different price points.
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