MT Autocraft, the parent company of MTA EV, has formed a joint venture with Korean technology company EMTC in order to produce automatic powertrains for electric three-wheelers and electric two-wheelers.
The joint venture will indigenize as well as manufacture the Korean partner’s next-generation multi-speed automatic electric vehicle Powertrains. They will be available at MTA EV’s recently commissioned facility at Palwal.
Vivek Jakhmola, the co-founder of MTA EV, stated, “We will manufacture and introduce such a multispeed powertrain for electric vehicles in India. This technology will increase the efficiency by at least 20%.”
This investment follows a Rs 100 crore investment by the Indian auto components maker in MTA-EV for electric mobility. In the first 12 months, an investment of Rs 60 crore will be made in tooling and plant machinery.
Four types of transmissions will be manufactured in India by the company. The JV will serve as a buy-back arrangement for EMTC (minus China), to export orders for the Korean and Philippine markets.
A contract is in the works to supply 30,000 Bikes, completely disassembled units, without batteries in FY24. These electric bikes will come from MTA EV’s Palwal facility.
EMTC claims the new transmission will increase the vehicle’s range by 20% and improve the mileage per charge. According to the company, the new transmission can increase the top speed by half.
Kawang Mo Seo (CEO, EMTC) said, “India is the fifth largest and the fastest growing large economy in the world. It also has a strong automotive sector. It is the largest in the world in manufacturing exports and the domestic market. For two-wheelers last year, India produced over 100,000 electric vehicles and is expected to grow to 12 million units by 2030. The combination of Korean technology and manufacturing know-how and Indian resources is the right partnership for this growing market. Today’s joint venture is an excellent example of cooperation between Korea and India.”