08th May 2024 – UK-based electric drivetrain systems manufacturer DG Innovate (DGI) has entered the Indian market through a joint venture (JV) with Indian electric commercial vehicle startup EVage Motors. Led by former Tesla director Peter Bardenfleth-Hansen, DGI will hold 60% ownership in the JV, with EVage owning 40%.
The collaboration aims to set up a manufacturing plant in Chandigarh to produce DGI’s Pareta electric drive system, with EVage facilitating access to the Indian market. EVage, founded by Inderveer Singh and Pulkit Srivastava in 2019, currently operates the Modular Miniature Manufacturing (Mcube) factory in Chandigarh, producing electric trucks for Indian logistics companies like Amazon. With the JV, DGI plans to establish its global manufacturing base in India and export motors to other Asian and European countries.
The move aligns with India’s growing EV adoption, driven primarily by the fleet-driven B2B segment. The JV announcement coincides with India’s push for EV adoption, including the Electric Mobility Promotion Scheme 2024 and plans to establish a task force for the EV industry.
Conclusion
The JV between DGI and EVage represents a significant step in India’s EV ecosystem, leveraging DGI’s technology and EVage’s market access. With increasing government support and growing demand for electric vehicles, the collaboration aims to drive innovation and accelerate EV adoption in India.
Source:Link
