Ramkrishna Forgings bags order from “USA's largest electric passenger”

Tesla has generated significant interest in India recently amid speculations about its entry into the Indian market. Earlier reports suggested that Tesla CEO Elon Musk would visit India to meet Prime Minister Narendra Modi and announce plans to invest in and establish a new factory in the country.

Another report indicated that Tesla is actively searching for a location to set up its first manufacturing facility in India. While the initial plan is to import vehicles into the country, establishing a local manufacturing base could strengthen its presence in India. The report has highlighted thatTesla may be in discussions with Reliance Industries for this purpose.

Adding to the buzz, homegrown company Ramkrishna Forgings has announced securing approval from the largest EV manufacturer in the US to supply forged auto components. This approval marks RKFL's entry into the electric vehicles segment in the US. A report by PTI stated that although the company did not disclose the name of the US-based entity, industry sources suggest it is Tesla's passenger vehicle division.

"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 opportunities," RKFL stated.

Milesh Gandhi, Executive Director of Ramkrishna Forgings Ltd, commented, "This collaboration speaks volumes about our ongoing commitment to innovate and our capabilities to meet the demands of the EV industry. We remain committed to creating value for our customers and contributing to the advancement of sustainable mobility globally."

Specialising in closed-die forgings of carbon and alloy steel, micro-alloy steel, and stainless steel forgings, Ramkrishna Forgings is poised to make a mark in the global EV sector with this approval.

Tesla’s entry in India: What we know so far

Tesla has been eyeing the Indian automotive market for quite some time. Despite electric car penetration in India being only around two percent, compared to seven percent in the US and 23 per cent in China, the potential for growth is immense.

The Indian government's recent changes to the EV policy, which include lower import duties on EVs for companies committing to local manufacturing and sourcing, have accelerated Tesla's plans for entry into India. Reports indicate that Tesla officials are actively searching for a site for a manufacturing plant and showroom locations in New Delhi and Mumbai.

Initially, Tesla will import its EVs into India, but the company has already started manufacturing right-hand-drive versions of its EVs at its facility in Germany. It is speculated that Tesla will announce investments of up to $3 billion to establish a production base in India, serving both local customers and export markets.