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Global customers in EV battery space growing rapidly; chip shortage to persist: Sona Comstar

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Sunjay Kapur, chairman of Sona Comstar and president of Automotive Component Manufacturers Association of India, said the electric vehicle market is growing much faster than anticipated.

Sunjay Kapur, chairman of Sona Comstar and president of Automotive Component Manufacturers Association of India, on Tuesday, said that global customers in electric vehicle (EV) battery space are increasing rapidly.
Sona Comstar, the automotive systems and components manufacturer, reported very strong earnings for the quarter that ended in September with a big boost from the electric vehicle battery segment.
“From a global perspective, it’s increasing rapidly, we have added 2 more customers, 7-8 new platforms leading up to almost 20 platforms now that we are catering to from global market perspective in terms of passenger vehicles in Asia, North America as well as Europe and China,” Kapur said in an interview with CNBC-TV18.
According to Kapur, the EV market is growing much faster than anticipated.
On new client addition, he said, “We have added in both passenger vehicles as well as two-wheelers and these are Indian as well as global original equipment manufacturers (OEMs).”
According to him, the chip shortage issues continue to persist. “There is a chip shortage, there is a container shortage, there are problems with raw material price increases, and we are managing them as we have in the past.”
“As an industry, we are definitely facing headwinds when it comes to chip shortages and this will take a couple of quarters before it evens out,” said Kapur.
For the entire management interview, watch the video