Big momentum for EVs! China's Huaihai enters Indian auto space in JV with KSL Cleantech - Top details

Undoubtedly, there is a big boom taking place in the Indian auto industry Electric Vehicle (EV) segment. With the government's push for EVs, more and more auto players, not only Indian but international ones too are keen to enter the EV segment. With an aim to tap the EV segment Indian auto market, China's EV giant Huaihai Holding Group has entered into the Indian EV space by forming a joint venture (JV) with KSL Cleantech Limited (formerly known as Kirti Solar Limited). The joint venture will be known as Huaihai KSL Auto Private Limited.Huaihai KSL will invest up to Rs 200 crore in near future to set up manufacturing/assembly units in India along with country-wide sales, distribution network, vendor development, channel sales development, marketing and brand building.

Announcing the collaboration, KSL Group's MD Dhiraj Bhagchandka said, "The JV shall bring together the strengths of both the companies, harnessing full potential of Huaihai's manufacturing and R&D expertise combined with the experience, resources, knowledge of KSL cleantech in India."

Commenting on the JV with KSL Cleantech, Director of Huaihai Holding Group & GM for International Business, Catherine Xing, "Through our exclusive joint venture with KSL Cleantech, we now plan to leverage their expertise for Indian market."

"Huaihai has already ventured in the electric four wheelers category in China, and we will also explore this range of vehicles for the Indian market in future," Catherine Xing added.

The said JV will develop technology for a range of electric vehicles including mini, commercial and passenger vehicles. Huaihai plans to launch up to 10 models in electric two and three-wheelers category in the next 12-36 months in India.The production is slated to begin in 2020 and will be ramped up in phases. As of now, KSL Cleantech has an existing assembly unti for these vehicles in Kolkata with the capacity of 10k units per month.

The current market share for electric two-wheelers is 50k units annually, while three-wheelers' share is 100,000 units per annum.

Moreover, Huaihai KSL is also planning to work under FAME 2 scheme for electric mobility.