CEAT to provide tech for connected vehicles, EVs components

CEAT Limited has planned to diversify its product portfolio by offering the latest technologies for connected vehicles and electric vehicles (EVs). It was one among 75 companies to have been selected to seek benefits under the government's production linked incentive (PLI) scheme, having a budgetary outlay of nearly Rs 26,000 crore. The Director and CEO of CEAT, Arnab Banerjee, told the media that the company has relationships with auto majors and can bring a value proposition to those firms. The company wants to explore connected technologies and EVs. EVs are rapidly becoming smarter especially with the use of the internet. Features like riding data, vehicle diagnostics, battery behaviour, and other details of the vehicle can be tracked with the help of a smartphone. Archaic analogue meters are emerging for the latest smart and digital displays to provide various information, including turn-by-turn navigation, drive range, Bluetooth connectivity, etc. Other companies like Minda Industries and Pricol are already present in the EV space and providing solutions to vehicle makers. Both these companies have been selected under the PLI scheme and will set up new verticals to cater to the requirements of EVs. In April, CEAT incorporated a wholly-owned subsidiary CEAT Auto Components, with an authorised capital of Rs 1 crore. The subsidiary will be responsible for manufacturing, selling, marketing, importing and exporting auto components for all vehicles and any mode of transportation. The demand for EVs across categories like two-wheelers, three-wheelers, cars and mini trucks had seen robust growth last year due to new launches. According to the central estimates, 30% of passenger four-wheelers and 40% of two and three-wheelers will be electric by 2030. Recently, CEAT has unveiled its plan to launch branded tyres in the US, Canada, Australia and South America, along with the launching of new tyres in Europe. Image Source Also read: CEAT to double its business in Europe in next 2-3 years