Sona Comstar’s national EV title needs two-wheeled assistance

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Think electric vehicles (EVs) and all that comes to mind are the companies that produce vehicle after vehicle. Ather Energy, Hero Electric or even Ola Electric, which recently made the news of all

bad reasons


bad reasons

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. The industry, however, has a hidden gem, which quietly went public in June 2021 and has more than doubled its issue price since then — Sona Blw Precision Forgings Ltd, backed by Blackstone.

The company supplies automotive components, electrified and non-electrified

powertrain


powertrain

Powertrain
A powertrain is an assembly of every component that moves your vehicle forward.


segments, to original equipment manufacturers (OEMs). Sona enjoys a strong global presence, supplying components to six of the world’s 10 largest passenger car manufacturers.

Most importantly, it has established a presence in the highly competitive global electric vehicle market, with a 6.4% market share in

differential gears


differential gears

Differential gears
Refers to the arrangement of the gears that allows power from the engine to be transmitted to a pair of driving wheels.


and 5% in

starters


starters

Starters
The starter is an electric motor that spins or cranks the engine to start


. The share of battery-powered EVs (BEVs) in its revenue mix has also increased steadily, from 1.3% in 2019 to 21% in the first half of the year ending March 2022.

Although he does not reveal the names of the companies to which he supplies, several sources claim that automaker Tesla is his third customer. Reports have also listed Sona as one of three domestic suppliers who partnered with Tesla for its entry into India. His other clients are heavyweights like Ford, Renault and Dana, according to several sources and brokerage firms.

Today, thanks to overdependence on a small number of customers and increasing risks in the global supply chain due to a shortage of semiconductor chips, Sona is turning to the market interior for its next phase of growth. The Indian market for electric vehicles being called for

206 billion US dollars


206 billion US dollars

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by 2030, this looks like a promising initiative. The icing on the cake for electric vehicles is the Indian government’s 25,940 crore rupee (US $ 3.4 billion) Production Incentive Program (PLI), which offers multiple incentives to boost domestic manufacturing. .


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