At a time when the world is looking at India as an alternative to weaning away dependence on China, one of India’s biggest component makers wants to take this a step further and stop the comparison with China altogether.
Sona Comstar’s MD and Group CEO, Vivek Vikram Singh is of the opinion that India should be able to compete on its own.
“I am not a big supporter of the ‘China+1’ strategy. We should be able to compete on our own.”
Elaborating on this subject, he said that when you start with admitting someone else’s superiority, and then catch up, it is always going to be harder. “There are great advantages and opportunities in chaos. Chaos is a ladder for those who know how to climb it. Build capabilities,” he added.
Earlier this July, the Tier 1 automotive and EV component maker had said that it was looking at an overall capex push between Rs 1,000 to Rs 1,100 crore.
It aims to further work as a global supplier of driveline solutions for Battery Electric Vehicles (BEV), Passenger Vehicles, Commercial Vehicles, and Off-highway Vehicles as well as a leading traction motor and motor-controllers supplier to electric two-wheelers (e2Ws).
“Investing into EV technology is not a chicken-and-an-egg anymore. The journey for many started much earlier. Even as EV volumes in India were low, they had already picked up elsewhere.”
“While our EV readiness is quite high, we do lack in terms of the raw materials,” Singh cautioned.