Indian smartphone maker Micromax is reportedly planning to enter the electric vehicles (EV) market, likely with two-wheelers. As reported by TechCrunch, citing sources, the Gurugram-based company is already renovating one of its offices in Gurugram to kick off work on the new project. As per the regulatory filing, Micromax co-founders Vikas Jain, Rajesh Agarwal and Sumeet Kumar incorporated a company named “Micromax Mobility”, hinting at the company’s next project. The report quoting a source also notes that the company director “started discussions and prepared documentation for the mobility business earlier this year.”
If the speculations are accurate, Micromax will hope to return to the Indian tech space with a revamped outlook, though the move won’t be unprecedented. Several traditional two-wheeler makers have entered the EV segment. Cab aggregator Ola also launched two e-scooters, S1 and S1 Pro in August 2021.
The report also suggests that while Micromax looks to revamp its outlook with a new product, the company faces significant challenges, even internally. The company has been dealing with a series of layoffs.
Several key players, including its chief business officer and product officer, resigned in the last few months. The company’s phone business has also been struggling. Micromax tried re-entering the phone market with its Micromax In-series phones. The company also tried banking on anti-China sentiment amid the Indo-China border conflict. However, it has not been able to leave a mark. On the other hand, Micromax’s Indian competitor, Lava, is gradually gaining momentum, though it faces stiff competition from Chinese counterparts, like Xiaomi, Vivo, and Oppo.
Speaking about Micromax’s position in the smartphone segment, Navkendar Singh, associate vice president at market research firm IDC, told Techcrunch that the market is “very competitive now, focused around the top five or six brands.”
On the EV side, it is unclear when Micromax will launch the product, if at all. Not just Micromax, and its global smartphone counterparts are also rumoured to be coming out with their EVs. Apple has long been rumoured to be working on an Apple car, which might launch by 2026. The iPhone and Mac maker has also gotten several executives from other EV firms. Earlier this week, Gizmochina reported that Chinese smartphone maker Huawei might launch its “first pure electric sports sedan”, Huawei Luxeed, featuring HarmonyOS 4, which will be released this quarter. 91Mobiles also reported in 2021 that Oppo might launch its first EV in India by 2024.