- Headspring and Anand look to supply Indian and European automakers
According to Nikkei Asia article published on January 27, 2023, Japanese semiconductor startup Headspring will form a joint venture by March with India's Anand Group to develop inexpensive, mass-producible components for electric vehicles in the South Asian country.
Under the venture announced by Headspring, the startup will supply proprietary technology to develop powertrains and converters. The partners plan to start mass-producing the components for local and European EV makers operating in India.
Headspring will take a 49% stake in the venture, to be capitalized at 200 million rupees ($2.45 million). It seeks to generate 20 billion yen ($153 million) in sales of EV components in 2027.
India has set the goal of having EVs account for 30% of new vehicle sales by 2030.
"India is a massive market with great growth potential," Headspring President Osamu Hoshino said.
By partnering with a major Indian parts maker, Headspring hopes to establish a supply chain that can be used to expand sales channels in Southeast Asia.
New vehicle sales in India totaled 4.72 million units in 2022, the Society of Indian Automobile Manufacturers reports, as the country surpassed Japan to rank third in the world.
Anand Group employs around 15,000 workers, with sales of around $1.5 billion. Until now, the company has relied on foreign suppliers for the production of inverters and converters used in EVs.
