Auto Component Giant MT Autocraft Announces 100 Cr Investment in E-Mobility

Electric vehicle (EV) startup MTA E-Mobility Pvt Ltd was established by MT Autocraft, a provider of machined components and assemblies, with an investment of Rs 100 crore to develop EVs and essential electrical systems. The business constructed a facility of three acres in Palwal, in the national capital area, and will exhibit its goods and technological advancements at the upcoming Auto Expo 2023.

According to the statement, the plant contains internal capabilities for assembly, end-of-line vehicle inspection, production monitoring, paint shop, chassis fabrication, and surface coating, among other things. The company’s head office in Gurugram is where its R&D, sales, and purchasing operations are located, along with finance and human resources.

The Palwal plant will be able to “scale by up to 5 times” its 20,000 unit yearly production capability. It has been reported that “product initiation” has started in about 25 countries in South East Asia, Africa, and Latin America. With production set to start in January, the new player intends to be present in electric 2, 3, and 4-wheelers (commercial cargo and passenger carriers). For the company, the L5 3-wheeler segment will be the first. In the Gujarat, Rajasthan, Haryana, and NCR markets, six dealers have been chosen. MTA EV intends to venture into foreign markets as well.

Additionally, new alliances may be formed to provide infrastructure for EVs, such as charging stations. The EV manufacturer aims to begin with a fixed battery structure but eventually upgrade some of its vehicles with swappable batteries. Soon, an inorganic step is anticipated, maybe involving a joint venture with a foreign firm. The decision may have to do with EV powertrain technology.

Former JBM Group president and industry veteran Vivek Jakhmola has also partnered to co-found MTA EV. Vivek JakhmPla  stated, “In R&D and market research, our team presently numbers more than 50 people. Over 200 people would be on the team in the upcoming 12 months.” (MT Autocraft)