Original Equipment Manufacturer (OEM) Qualcomm, located in the US, is looking into investing in electric car companies in India. In addition to considering purchasing interests in Indian EV businesses, Qualcomm’s venture capital arm is willing to engage in mergers and acquisitions to gain access to the growing market.
“To support the growth of Qualcomm’s ecosystem of clients and partners, our venture business invests in key sectors including 5G, Artificial Intelligence, Automotive, and the Internet of Things. We want to learn more and invest in companies that create innovative technologies. When we invest in startups, we support them with products or go-to-market operations”. A Qualcomm representative said.
The enormous size of the Indian car market and the acceleration of the switch to electric vehicles are two key factors in Qualcomm’s proposal. The business believes it is well-positioned to grow the EV revolution despite a rising trend of cellular connectivity in cars for telematics and infotainment.
The revelation will boost the spirits of Indian electric companies that have been at the forefront of the country’s EV revolution. The number of companies in the market has increased dramatically from a few, notably in the last year.
The EV Market
Customers now have access to superior products and a wider range of options thanks to the growth of domestic competitors like Ola Electric, Ather, Euler, and Okinawa, which is supported by Hero.
Conglomerates have entered the EV market, both in the two-wheeler and four-wheeler categories, in addition to startups. Many of these corporations acquired startups as a result of the rivalry that followed and made significant investments in their debut in the electric car market.
Hero Motor Corp, a leading manufacturer of two wheels, has invested in Ather despite owning Hero Electric. To expand its EV business, TVS Motor has invested in the Swiss-based EV startups EGO Movement and SMEG as well as the British start-up EBCO.
To deploy their EV products, these large businesses have also partnered with significant consumer internet companies. While Flipkart has collaborated with Mahindra to deploy EV two-wheelers for last-mile delivery, Amazon has teamed with TVS.
Investments in The EV Market
Over $1.8 billion in financing has been attracted to Indian EV businesses since 2014. At the end of 2021, the Indian EV market was valued at $383.5 million, and by 2030, it is anticipated to reach $152.21 billion.
Growing infrastructure for public charging stations and rising demand are both contributing to the ecosystem’s development. Qualcomm is the latest in a long line of international businesses to consider India as a promising market.
The OEM giant Qualcomm, which has a hefty market share in chips, wants to duplicate its success in the developing Indian industry as well. In order to create the EV ecosystem, which is heavily reliant on processors and semiconductors imported from other countries, it intends to use its cutting-edge technologies.
Qualcomm is a worldwide American company its main office is situated in San Diego, California. It was founded in Delaware. It produces software, chips, and services for wireless technology. It is the owner of patents that are essential to the mobile communications standards for the 5G, 4G, CDMA2000, TD-SCDMA, and WCDMA.
- Corrit Electric EV Startup Raises $9 Mn To Launch Last-Mile Delivery E-Bikes - November 17, 2022
- Long-Term Growth Outlook Intact: Delhivery CEO Sahil Barua - November 15, 2022
- Twitter India Experiences Losses In FY22 Despite Revenue Growth of 82% - November 15, 2022