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Urban mobility solutions provider Bounce on Tuesday said it has joined hands with deep-tech startup Chara for local production of electric motors for its fleet of electric vehicles (EVs).

Under the partnership, Chara, which has developed motor technology that is rare-earth magnet-free, hyper-efficient, easier and cost-effective to build, will design and manufacture customised motors based on its innovative motor and drive technologies for Bounce, the company said in a statement.

“This development is part of Bounce’s strategy to develop its owned fleet of EVs deployed for its mobility solutions,” it added.

With the localisation of the core component of the EV, Bounce will save a sizeable amount on imports, the company said.

Currently, motors and associated controllers used in EVs are majorly imported.

Bounce Co-founder Vivekananda H R said, “We are excited to partner with Chara to source locally produced rare-earth magnet-free electric motors, which will go a long way in maintaining cost efficiencies while making India independent of the global supply of rare-earth materials.”

The company claimed that Chara”s motors are made with more 100 percent locally sourced, sustainable raw materials, which can reduce their cost by up to 40 per cent.

Chara Founder and CEO Bhaktha Keshavachar said the partnership with Bounce is a testament to its ability to partner with innovative companies that are striving towards a common goal of a more sustainable future.

“It is necessary to invest in deep-tech to build technologies that can help us move towards sustainability in the long term and also help us as a country to play a more significant role in the electric transformation than to just remain as consumers,” Keshavachar added.

The motors, custom-designed by Chara for Bounce, will be locally manufactured and deployed in Bounce”s fleet at the beginning of next year, the statement said.

Electric vehicles (EVs) have been given a big thrust by new-age companies and the startup ecosystem. Ecommerce marketplaces like Flipkart and Amazon have already initiated steps for the intake of EVs into their setup.