India's auto component industry all set for electric vehicle shift

ACMA president, Sunjay Kapur says that the 75 companies eligible for the auto components production-linked incentive (PLI) scheme, have to invest Rs 250 crore each in five years to get the incentive

India’s auto component industry is all set to hitch its wagon to the electric vehicle (EV) revolution. According to a recent survey by the Automotive Component Manufacturers Association of India (ACMA), 60 per cent of its 800 members say that they are ready to supply to EVs, while the rest say that they will be prepared to do so later this year, or latest by 2023.

Says ACMA president, Sunjay Kapur, “The investment cycle by auto component companies to prepare themselves for EVs has already begun, and is on track. From the supply side, the EV revolution will give component makers