Under the partnership, Chara will design and manufacture customised motors for Bounce based on its motor and drive technologies. As motors and controllers for EVs are primarily imported at present, the localisation of the core component of the EV under the agreement is expected to save a sizeable share of Bounces’ expenditure on imports. Chara motors are produced with 100 per cent locally sourced, sustainable raw materials. This is expected to reduce the costs incurred by Bounce by up to 40 per cent. The motors will be manufactured and deployed in Bounce’s fleet at the beginning of 2022.
In the recent times, EVs have received a big push by both private as well as the public sector in India. The partnership is expected to make India independent of the global supply of rare-earth materials. The adoption of EVs can also go a long way in India’s electric transformation. This will also boost India’s narrative in the overall renewable energy spectrum.