Capex for EV components to exceed ₹25,000 cr in 3-4 years
ICRA says demand for EV batteries in India is expected to reach around 15 gigawatt hours (GWh) by 2025 and 60 GWh by 2030.
ICRA says demand for EV batteries in India is expected to reach around 15 gigawatt hours (GWh) by 2025 and 60 GWh by 2030.
Ramkrishna Forgings expects the EV segment to contribute 6% to the company's consolidated revenue
Despite headwinds, auto component exports — which contribute around 30% to the total turnover of India's auto ancillary industry — have remained steady.
If an approved company fails to meet the threshold for an increase in determined sales value over the first year's threshold, it will not receive any incentive for that year.
Exports of auto components grew 2.7% to $10.4 billion (₹85,870 crore) in H1 FY24 from $10.1 billion (₹79,033 crore) in H1 FY23.
More testing agencies will be added to give faster clearances, says Union Minister for Heavy Industries Mahendra Nath Pandey.
As industry enters a new growth phase, emerging ancillary players are shaking up the status quo.
The Samvardhana Motherson stock climbed 4% in intraday trade to ₹83.50 apiece on the National Stock Exchange (NSE).
India is the third largest automotive market and is expected to lead the rebound in passenger vehicle sales.
There is a lot of frenzied activity going on behind the scenes, as airbag makers look to corner the most out of the market, which could grow to about ₹7,000 crore in five years.