Sona Comstar, a leading EV traction motor manufacturer in India, receives PLI certification for its electric two-wheeler traction motor.
Sona BLW Precision Forgings, commonly known as Sona Comstar, has achieved the distinction of being the first automotive component manufacturer to receive certification under the Auto Production Linked Incentive (PLI) scheme. The company has submitted seven applications for various products within the PLI scheme and has successfully obtained accreditation for its inaugural product – a hub wheel drive motor designed for electric two-wheelers. The R&D team at Sona Comstar has been instrumental in creating and developing the EV traction motors in-house, and they commenced production in 2020. Due to the strong demand from EV manufacturers, Sona Comstar has emerged as one of the leading manufacturers of EV traction motors in India.
In 2021, the government introduced the Auto PLI scheme to promote domestic production of advanced automotive technology vehicles and products, with a budgetary allocation of Rs 259 billion over five years, starting from FY 2023-24.
Mr. Vivek Vikram Singh, Managing Director & Group CEO of Sona Comstar, expressed his pride in being the first company in the auto component industry to achieve PLI certification. He extended his gratitude to the Ministry of Heavy Industries (MHI), IFCI Limited, and the Global Automotive Research Centre (GARC) for their approval. He emphasized that this recognition underscores the company’s commitment to showcasing India’s engineering prowess and addressing complex, customized engineering challenges for its customers. Mr. Singh reiterated Sona Comstar’s dedication to advancing greener, safer, and smarter mobility worldwide through the development, engineering, and manufacturing of products in India.
The company’s R&D team designed and developed EV traction motors in-house and started their production in 2020. The trust of customers in its products has made Sona Comstar one of the leading manufacturers of EV traction motors in India, as stated in the exchange filing.
The Indian government introduced the auto PLI scheme in 2021 to encourage domestic production of advanced automotive technology vehicles and products. The scheme has a budget of Rs 25,900 crore over five years, starting from 2023-24.
Shares of Sona BLW Precision Forgings closed at Rs 613.25 on Thursday, with a slight increase. The stock has risen over 50% from its 52-week low of Rs 401.10. It has gained about 6% in the last month but is down 6% on a year-to-date basis.
Sona Comstar, based in Gurugram, is an automotive technology company that designs, manufactures, and supplies highly engineered automotive systems and components to OEMs. It is a global supplier with facilities and capabilities in India, the USA, Serbia, Mexico, and China.
