Sundram Fasteners EV Business Driving Growth
Sundram Fasteners is accelerating its electric vehicle (EV) business.
The Chennai, India-based manufacturer is currently in discussion with various companies for potential orders worth ₹1,000 crore (US$120.2 million) over five years, according to EnergyPortal.eu. Sundram has existing EV orders of over ₹3,000 crore.
To support its growing EV business, Sundram is investing ₹300 crore over the next 12 months to expand its production capacity at its units in Mahindra City and Sri City, EnergyPortal.eu reports. The company aims to raise the share of EV business in its total revenue from 3% to 10% by 2026.
Sundram has been supplying such EV components as fasteners, hot forged machine parts, radiator caps and shafts to companies in India, Europe and North America.
With current EV orders of $408 million, Sundram expects incremental annual revenues of ₹500 crore from 2026 until 2031. Web: Sundram.com
There are no comments at the moment, do you want to add one?
Write a comment