Micromax Explores Entry into Electric Vehicle Market
Micromax, a prominent player in smartphone manufacturing, is reportedly considering a foray into the electric vehicle (EV) manufacturing sector. This strategic move is prompted by intensified competition in the Indian market and a decline in smartphone sales. A report from ‘TechCrunch’, a notable American online magazine focused on technology and startups, sheds light on this development.
Based in New Delhi, the company has undertaken significant staff layoffs across its main office in Gurugram and various branch offices nationwide. Notably, several key executives, including the chief business officer and chief product officer, have recently stepped down. These actions, as per TechCrunch, are indicative of Micromax’s efforts to venture into EV manufacturing.
The company’s founders, namely Rajesh Aggarwal, Sumeet Kumar, and Vikas Jain, have established a new entity called ‘Micromax Mobility’. This venture will primarily concentrate on producing two-wheeled electric vehicles, as stated in the report. Micromax is also reportedly renovating an office space in Gurugram as part of its strategic push into the mobility sector.
While no formal announcement has been made, it is anticipated that Micromax will soon introduce electric two-wheelers to the market. The company is expected to tackle competition from established brands like Ather Energy, Mater Era, and Ola Electric. The specifics of the company’s approach to meet these challenges are yet to be unveiled. Notably, Micromax held the position of India’s leading smartphone manufacturer, surpassing Samsung, in 2014.
During that year, Micromax declared its intention to produce smartphones running on Microsoft’s mobile operating system in addition to Android devices. A year later, the company climbed to become the tenth-largest phone brand. However, the rise of Chinese smartphone giants like Xiaomi, Oppo, and Vivo later posed challenges to Micromax’s dominance. The company’s most recent smartphone launch occurred in 2022.
