When it comes to electric vehicles, many leading car makers, from two-wheelers to luxury cars, are involved in trying to design and manufacture models that cater to a wide variety of customers. Electric vehicle buyers in India are increasingly accepting of electric mobility as they are exempt from income tax under Section 80EEB of the Income Tax Act.
Electric vehicle manufacturing in India is well received not only by car, bike and scooter manufacturers but also by spare parts manufacturers. Sona BLW Precision Forgings, an Indian auto parts maker, expects two-thirds of its revenue to come from electric vehicle (EV) parts in the next few years.
Its chairman Sanjay Kapoor said demand for spare parts was on the rise as automakers were keen to develop clean alternative power cars. Sona PLW, which manufactures drivetrain components such as motors and gears, plans to invest about $ 130 million over the next three years to manufacture its electric vehicle spare parts.
As carmakers invest billions of dollars in electric vehicles, spare parts manufacturers will need to move away from spare parts needed for petrol vehicles and move their business forward towards innovative technologies, the company said in a statement.
Sanjay Kapoor said, “All of our new investments will be used to make electric auto parts. Over the next few years, Sona’s order book will cover the production of $ 2.4 billion worth of electric auto parts.
Sona PLW began investing in spare parts for electric vehicles in 2015 and has been exporting it to carmakers in North America, Europe and China. It has partnered with global companies to develop electric motors and is working with Israel’s IRP to develop non – magnetic motors to reduce the dependence on key raw materials that are in short supply. ”
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The initial impact on the production of electric vehicles in India helped to measure the productivity of electric vehicles worldwide. India is helping to increase electric vehicle production to meet its climate and carbon reduction targets.
It is also worth noting that the federal government, led by Prime Minister Narendra Modi, has allocated billions of dollars in incentives to provide non-polluting cars and the alternative energy upgrades they need. As a result, not only electric vehicle manufacturers but also spare parts manufacturers are booming in India.
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