Electric vehicles a $300 million opportunity for Tata AutoComp

The Tata Group Company is establishing a division within the company for electric vehicles which will be headed by AK Jindal, who also earlier lead R&D at Tata Motors. It plans to invest more than Rs 500 crore to set up new plants and localize electric vehicle parts, as an impetus in favor of cleaner vehicles gathers speed.

Tata AutoComp perceives this division to account for a quarter of its overall business in the coming 5 years, accounting for a minimum of around $300 million. The company has stitched together multiple joint ventures and partnerships over the last 12-18 months to provide endto-end solutions for electrification in segments from trucks to two-wheelers.

Managing director Arvind Goel said Tata AutoComp would invest over Rs 1,000 crore in the coming two to three years and more than 50% of this would be in the electric vehicle business.

“We are going full hog in participating in the group’s electrification journey. Right now, we are at a starting point, but as the segment evolves, we will be able to supply almost 60% content of an electric vehicle,” said Goel.

Last month, Tata AutoComp entered into a 50:50 joint venture with Prestolite Electric, China’s second largest electric vehicle motor manufacturer, for local production of starter, motor and alternators.

For the charging station, the company has signed the MoU with Australia’s Tritium. Exactly a year back, it had signed a 60:40 JV with Gotion, which is into the battery pack and battery management systems.

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