Key Points
Sales of electric vehicles in the local market will continue to increase, with or without subsidies, and despite the slowdown being witnessed the last two months after the reduction of incentives under FAME II (Faster Adoption and Manufacturing of Electric Vehicles), Sunjay Kapur, President, Automotive Component Manufacturers Association (ACMA) said.. Kapur informed with deeper focus on localisation of advanced technologies, vehicle electrification will continue to rise in the local market driven by cost economics..
Separately, Kapur said increased focus by the auto industry on deep-localisation and the Rs 44,038 crore production-linked incentive (PLI) schemes announced by the government for advanced chemistry cell batteries, auto and auto components makers will aid in developing India into an attractive alternative source of high-end auto components...
Separately, Kapur said the industry body does not perceive any threat if the government were to permit American electric carmaker Teslas Chinese vendors set up shop in the country as local parts makers have already invested in and developed capabilities to supply to any vehicle manufacturer in the world..
Overall, the auto component industry in India grew by 32.8% to a record $ 69.7 billion (this includes sales to vehicle makers, aftermarket and exports) in the last financial year..
Vinnie Mehta, Director General, ACMA, said On back of significant vehicle sales in the country, a robust aftermarket and steady exports, the auto component industry demonstrated its best-ever performance in FY23..
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