Teco Electric & Machinery Co (東元電機) plans to team up with Japanese and Indian partners to enter the electric-vehicle market in India.
Teco chairwoman Sophia Chiu (邱純枝) on Thursday said that the company and a Japanese firm are in discussions about supplying mechanical systems for electric vehicles in India, while the two sides are seeking to work with potential partners in the South Asian nation on the project.
The mechanical systems would include products such as electric motors and other components for electric vehicles, Chiu said.
Auto rickshaws are prevalent in India and it is possible that they would be replaced by electric rickshaws, so Teco and its potential partners are to develop solutions in that area, she said.
Chiu said that as Indian Prime Minister Narendra Modi has announced that India is to adopt electric-only vehicles by 2030, the electric rickshaw market there has great potential.
Sources close to the project said that Mitsui Group, a large Japanese conglomerate, could cooperate with Teco in the market, as the two companies are already business partners.
Chiu — who was in a delegation organized by Teco visiting Bengaluru and Hyderabad, major industrial areas in India — said she was surveying the cities to pick a location for a mechanical system production site.
Teco operates a plant in Gujarat, western India, producing 50,000 small electric motors per year, targeting overseas markets, Chiu said.
However, due to the growing domestic market in India, she said the Gujarat plant would seek regulatory permission to sell its products in India.
The electric motor plant is expected to upgrade its production to supply high-voltage electric motors to meet growing demand, Chiu said.
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