Teco Electric & Machinery Co., one of Taiwan's leading electric motor suppliers, is planning to team up with Japanese and Indian partners to enter the electric vehicle market in India.
Sophia Chiu, chairman of Teco, told CNA Thursday that Teco and a Japanese firm are in discussion about supplying mechanical systems for electric vehicle use in India, while the two sides are seeking to work with potential partners in the South Asian country on the project.
According to Chiu, the mechanical systems will include products such as electric motors and other components for electric vehicle use.
Chiu said auto rickshaws are running around India now and it is possible that they will be replaced by electric rickshaws in the future, so Teco and its potential partners are planning to come up with solutions in this area.
Chiu said that as Indian Prime Minister Narendra Modi has announced that India will 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 conglomerate in Japan, could cooperate with Teco in the market, since the two companies are already business partners.
Chiu, who was in a delegation organized by Teco on a visit to Bangalore and Hyderabad, which are major industrial areas, said she was surveying the cities to pick a location for a future mechanical system production site
Currently, Teco is running a plant in Gujarat, western India, producing 50,000 small electric motors a year, targeting overseas markets, Chiu said.
But due to the growing domestic market in India, Chiu said, the Gujarat plant will seek regulatory permission to sell its products in India.
Chiu said the electric motor plant is expected to upgrade its production to supply high-voltage electric motors in India to meet growing demand.