Indian auto parts supplier Sona BLW bets on global EV push – Reuters

May 22, 2022 by No Comments

Sunjay Kapur, Chairman of Sona BLW, speaks during an interview with Reuters, in New Delhi, India, May 12, 2022. REUTERS/Aditi Shah

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NEW DELHI, May 20 (Reuters) – Indian auto parts maker Sona BLW Precision Forgings expects two-thirds of its revenues to come from electric vehicle (EV) components over the next few years, as automakers rush to build more clean cars, its chairman told Reuters.

Sona BLW, which produces drivetrain components such motors and gears, will invest about $130 million over the next three years towards its electrification push, Sunjay Kapur said in a recent interview.

With carmakers investing billions of dollars to build EVs, auto part suppliers are also diversifying their business towards new and clean technologies and moving away from gasoline-reliant supply chains.

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“All our new investments will go towards electrification,” Kapur said, adding that the bulk of Sona’s order book of $2.4 billion over the next few years is for EV components.

Sona BLW started investing in EV parts in 2015 and mainly supplies them to carmakers in North America, Europe and China.

It has entered into partnerships with global companies to build electric motors and is also working with an Israel’s IRP on developing magnet-less motors to cut dependence on key raw materials that are in short supply.

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Source: https://www.reuters.com/business/autos-transportation/indian-auto-parts-supplier-sona-blw-bets-global-ev-push-2022-05-20/

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