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Think about electric vehicles (EVs) and all that comes to mind are the companies churning out vehicle after vehicle. Ather Energy, Hero Electric, or even Ola Electric, which was recently in the news for all the wrong reasons wrong reasons The Ken The hazards of Ola Electric’s need for speed Read more . The sector, however, has a hidden gem, one that quietly went public in June 2021 and more than doubled its issue price since then—Blackstone-backed Sona Blw Precision Forgings Ltd.

The company supplies auto components, both electrified and non-electrified powertrain powertrain Powetrain A powertrain is an assembly of every component that pushes your vehicle forward. segments, to original equipment manufacturers (OEMs). Sona boasts a strong global presence, supplying components to six of the top 10 global passenger vehicle car makers.

More importantly, it has established a presence in the highly-competitive global EV market, with a market share of 6.4% in differential gears differential gears Differential gears Refers to gear arrangement that permits power from the engine to be transmitted to a pair of driving wheels. and 5% in starter motors starter motors Starter motors The starter motor is an electric motor that turns over or cranks the engine to start . The share of battery EVs (BEV) in its revenue mix has also been steadily increasing, growing from 1.3% in 2019 to 21% in the first half of the year ending March 2022.

Although it does not reveal the name of companies it supplies to, several sources say EV carmaker Tesla is its number-three customer. Reports have also listed Sona as one of three domestic suppliers that tied up with Tesla for its India entry. Its other customers reportedly include heavyweights like Ford, Renault, and Dana, according to multiple sources and broking firms.

Now, thanks to an overdependence on a small number of customers and increasing risks in the global supply chain due to a semiconductor chip shortage, Sona is looking towards the domestic market for its next phase of growth. With India’s EV market set to be worth US$206 billion US$206 billion The Economic Times As Foxconn, Tesla plan forays, here's a snapshot of India's EV market Read more by 2030, this seems a promising move. The icing on the EV cake is the Indian government’s Rs 25,940 crore (US$3.4 billion) production-linked incentive (PLI) scheme, which offers multiple incentives to boost domestic manufacturing.

AUTHOR

Shruti Sonal

Shruti is a Delhi-based reporter who looks at India's clean energy ecosystem through the lens of the intersection between businesses, policy and environment. She has previously worked with Reuters and Outlook Business.

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