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Valeo bets on India's EV drive
Mint Mumbai
|December 18, 2024
French auto parts supplier expects tax benefits, PLI to drive India's electric mobility transition in the long term
Growing adoption of electric vehicles (EVs) in India is unlocking opportunities for the local arm of French auto parts supplier Valeo to increase revenue per vehicle, according to a top company executive, even if sales have temporarily slowed for one of its top customers.
"Today, 15% of our business in India comes from EVs, primarily through partnerships with Tata Motors and Mahindra. By 2029, we expect this to increase to 46%. For instance, we supply Tata with onboard chargers and DC-DC converters, while Mahindra sources e-axles from us," Jayakumar G., group president and managing director of Valeo India, told Mint. "The next wave of opportunities will likely come from OEMs (original equipment makers) like Maruti Suzuki, Hyundai and Kia as they finalize their EV plans."
This story is from the December 18, 2024 edition of Mint Mumbai.
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