As chip prices surge, EV maker Ultraviolette is working on ways to absorb costs

The global shortage of memory chips has driven up costs, placing a huge strain on electric vehicle makers in the country. Bengaluru-based Ultraviolette—which produces high-performance electric motorcycles—says it will not pass on the high input costs to customers and is exploring other ways to tide over the situation. Memory chips are a critical component of an electric vehicle, used to store data, run control software, and manage real-time operations across critical systems.