Micromax, the once trendy Indian smartphone manufacturer, is now preparing to enter India’s electric vehicle (EV) market, possibly focusing on two-wheelers.
According to a report by TechCrunch, the company, headquartered in Gurugram, is currently renovating and refurbishing one of its offices in the exact location for the new venture.
EV mobility to save Micromax
Regulatory documents reveal that Micromax’s co-founders, namely Vikas Jain, Rajesh Agarwal, and Sumeet Kumar, have established a company called “Micromax Mobility,” which suggests the nature of their upcoming venture. An insider also mentioned that the company’s director had already started filing their mobility venture paperwork earlier this year.
If these rumors are true, Micromax will rejoin the Indian technology sphere with a renewed perspective. This move, however, wouldn’t be without precedent. Various traditional two-wheeler manufacturers have already ventured into the EV sector.
As Micromax seeks to refresh its approach with a novel product, it confronts considerable obstacles, even within its organization. The company has been contending with a series of layoffs and resignations. Notably, key figures such as the chief business officer and product officer have resigned recently.
Micromax to exit the mobile phone market?
Micromax’s mobile business has also been facing difficulties. The company attempted to reenter the mobile market with its Micromax In-series smartphones, leveraging anti-China sentiment during the India-China border tension. However, it has struggled to make a notable impact.
In contrast, its Indian competitor, Lava, is gradually gaining ground, despite facing tough competition from Chinese rivals like Xiaomi, Vivo, and Oppo.
The smartphone market in India has been very competitive for some time now, centering around the top five or six brands.
Other smartphone makers also want a piece of the EV action in India
Regarding their foray into the electric vehicle market, the timing of Micromax’s product launch remains uncertain – it’s not even sure if it will happen. Not only Micromax but also other global smartphone manufacturers are speculated to be entering the EV market.
Apple has long been the subject of rumors about an Apple car, potentially debuting around 2026. The company, known for its iPhones and Macs, has recruited several executives from other EV firms.
Furthermore, recent reports from Gizmochina indicated that Huawei, a Chinese smartphone maker, might introduce its “first pure electric sports sedan,” the Huawei Luxeed, equipped with HarmonyOS 4, set to be unveiled this quarter. In 2021, reports also stated that Oppo might launch its inaugural EV in India by 2024.
