Ramkrishna Forgings, one of India’s leading suppliers of rolled, forged, and machined products, has announced securing of a major supply order for electric vehicle powertrain components from a US-based electric car manufacturer. This also marks the debut of the Indian supplier in the US electric passenger vehicle market.
While the company has not explicitly disclosed the name of the US-based OEM likely due to an NDA (non-disclosure agreement), it can be surmised that the order, whose value is believed to be in the region of Rs 400 crore per annum for the next few years, is likely to have come from Tesla which is well known to be the USA’s No. 1 EV passenger car and SUV manufacturer. The specific component type has also not been disclosed.
In a regulatory filing on April 18, Ramkrishna Forgings stated “The USA’s largest electric passenger vehicle manufacturer grants approval for powertrain components, marking the beginning of a strategic partnership that opens up a realm of exciting opportunities. This landmark approval signifies the company’s position into the electric passenger vehicle segment with a strong emphasis on powertrain components.”
The approval follows the showcasing of a comprehensive portfolio of cutting-edge solutions, demonstrating the company’s expertise and commitment to delivering top-notch products.
Commenting on the new business, Milesh Gandhi, executive director, Ramkrishna Forgings Limited said, “We are thrilled to have received an approval from USA’s largest electric passenger vehicle producer to supply powertrain components. This collaboration speaks volumes about our ongoing commitment to innovate and our capabilities to meet the demands of the EV industry. Drawing from our four-decade-long expertise and know-how in developing and producing forged components, we are proud to offer products that enable our customers to save valuable development time and expedite the market entry. Through our continuous innovations we remain committed to creating value for our customers and contributing to the advancement of sustainable mobility globally.”
The new US business will help broaden Ramkrishna Forgings’ global footprint for EV components.
In October 2022, Ramkrishna Forgings had bagged a long-term supply contract worth 15 million euros (Rs 121 crore} from a Swedish OEM for two components – tie rod arm tag and spring link – for an electric vehicle for supplies till 2030.
In December 2022, in a strategic move, Ramkrishna Forgings had taken a majority stake in Tsuyo Manufacturing, a New Delhi-based start-up company engaged in manufacturing powertrain solutions for EVs. Tsuyo Manufacturing, which has two plants in Greater Noida manufactures a varied range of BLDC / PMSM / AC induction-type motors and compatible drives for EVs and different applications including on-road and off-road.