Indian producer of rolled, forged, and machined products enter the US electric vehicle market for the first time.
Ramkrishna Forgings, an Indian supplier of rolled, forged, and machined products, has recently secured a significant supply contract for electric vehicle powertrain components from a major US-based electric car manufacturer, marking its inaugural venture into the US electric passenger vehicle market.
Although the name of the American OEM has not been revealed, likely due to confidentiality agreements, it is widely speculated that Tesla, the leading EV manufacturer in the USA, could be the client. This speculation stems from the estimated annual value of the order, which is around Rs 400 crore for the upcoming years. The specific types of components supplied remain undisclosed.
In a regulatory announcement dated April 18, Ramkrishna Forgings announced that the largest electric passenger vehicle manufacturer in the USA has approved their powertrain components. This approval starts a strategic partnership that opens up a range of promising opportunities. It marks Ramkrishna Forgings’ entrance into the electric passenger vehicle sector, specifically focusing on powertrain components.
This approval was a result of presenting an extensive array of advanced solutions, highlighting the company’s expertise and commitment to excellence in product delivery.
Milesh Gandhi, Executive Director at Ramkrishna Forgings, shared his excitement about the new partnership. He mentioned that receiving approval from the top electric passenger vehicle manufacturer in the USA for their powertrain components was thrilling. The partnership highlights Ramkrishna Forgings’ commitment to innovation and their capability to meet the changing needs of the electric vehicle (EV) market. With over forty years of experience in forging, the company is prepared to offer solutions that can decrease development time and speed up market entry. Gandhi emphasized that their continuous innovations are designed to provide value to their customers and support the expansion of sustainable transportation globally.
This new venture in the US is set to expand Ramkrishna Forgings’ international presence in the EV component sector.
Previously, in October 2022, the company had secured a long-term contract worth 15 million euros (approximately Rs 121 crore) with a Swedish OEM for manufacturing two electric vehicle components—tie rod arm tag and spring link—projected to continue until 2030.
In a strategic move in December 2022, Ramkrishna Forgings acquired a majority stake in Tsuyo Manufacturing, a New Delhi-based startup specializing in the production of powertrain solutions for electric vehicles. Tsuyo Manufacturing operates two facilities in Greater Noida, producing a diverse array of motors and drives suitable for various EV applications, both on-road and off-road.
