Sona Comstar and Israel's IRP Nexus Group have come together for a project that will manufacture new e-motor technology, and market it globally. Sunjay Kapur, Chairman of Sona Comstar, discussed this further.
“We are developing a motor, which will eliminate the rare earth materials such as magnets. A lot of the magnets are bought from China, so we want to reduce dependence on magnets. This will help in terms of the cost of the motor, it will also help in terms of making the motor lighter,” he said.
“Currently the market is very small, 25,000 in terms of electric vehicles (EVs) from the two-wheeler space but that is going to continuously increase. This motor will replace the motor that we are supplying,” he added.
“The current product we are producing is for two-wheeler and three-wheeler space. As they move to electrification, the market size will continuously grow for us,” he shared.
He sees huge growth opportunity in the EV space. “It is about 30-36 percent on a year-on-year (YoY) basis in terms of the EV space globally. We see great opportunity and potential in the EV space in terms of growth,” he said.
In terms of Maharashtra government’s sops, he mentioned, “The ecosystem that we are building is moving more in support of EVs. Few states have come out with the EV policy and it is a good initiative, it is a good starting point, there is a lot of push towards electrification, building the ecosystem, building infrastructure, building charging stations, these are going to be extremely important, going forward.”
For the full interview, watch the accompanying video.
(Edited by : Dipika Ghosh)
First Published: IST