Micromax used to be a major player in India’s smartphone market, even surpassing Samsung at one point. However, the brand couldn’t maintain its momentum after Xiaomi entered the country. The competition significantly reduced Micromax’s sales, and the company soon decreased the number of new phones it produced. However, it appears that the former market leader wants to make a comeback in the market, but not as a smartphone maker. Instead, the brand is reportedly placing its bets on electric vehicles.
Micromax could be eyeing electric two-wheelers
TechCrunch reports Micromax is looking to enter the electric vehicle market. To support its upcoming venture, the homegrown brand has made a number of internal changes. These changes involve eliminating dozens of jobs at its headquarters in Gurugram, as well as at branch offices across India. Micromax has reportedly downsized its teams in sales, product development, testing, research and development, and logistics, among other aspects of the business.
In the EV space, Micromax may be eyeing to manufacture two-wheelers. This segment is currently dominated by the companies like Ola, Ather, and even Hero Electric. However, Micromax maybe able to cut through if it launches the right product with the right pricing.
Sources tell TechCrunch that Micromax has already begun renovating one of its offices in Gurugram to start work on its new EV market project. However, there are few employees left at Micromax to staff the business transition.
Micromax’s last smartphone launch was in April, and the brand has yet to transition to 5G. If Micromax is moving into the EV market, does that mean we won’t see any more smartphones from them? And even if we don’t, would you care? Let us know in the comments.
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