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Sonal Comstar to form JV with Jinnaite Machinery to enter China EV market
In the initial phase, Sona Comstar will invest $12 million, while JNT will provide $8 million worth of assets and business to the JV, the Indian company announced in an exchange filing.
With this JV, Sona Comstar aims to expand its presence in Asia. "The driveline manufacturing operations in China align with the company's strategy to expand its presence in Asian markets, particularly in India, China, Japan, and South Korea," the company said.
The JV is expected to begin operations in the second half of the current financial year.
The JV will produce and supply driveline systems and components to automotive original equipment manufacturers (OEMs) in China and globally.
Vivek Vikram Singh, MD and Group CEO, Sona Comstar, said, 'As the largest electric vehicle market in the world and a leader in EV technologies, China offers tremendous opportunities for innovation and growth. By leveraging the strengths of both partners, this venture is well-positioned for strong growth. With a robust order book already in place, we expect operations to commence later this year.'
"The expansion of charging networks and investments in green energy are making EVs more accessible, which aids in reducing carbon emissions and transforming urban mobility," the company stated.
Gucheng County Economic Development Zone-based JNT operates a large-scale foundry to produce castings and mouldings. The company holds 63 patents and 36 proprietary technologies and serves as a major supplier to automotive, off-highway, and railway OEMs in China, as well as in North America, Europe, and Japan.
In 2024, annual EV sales in China reached 11 million, accounting for two-thirds of global EV sales, according to the IEA Global EV Outlook 2025 report.
Chinese OEMs accounted for 76 per cent of global EV sales in 2024, according to a report by RHO Motion.
Earlier this month, Uno Minda Limited and Suzhou Inovance Automotive formed a joint venture in India, with Uno Minda holding a 70 per cent stake and Suzhou 30 per cent. The JV will locally manufacture high-voltage EV components such as CCUs, E-axles, inverters, and motors for passenger and commercial vehicles, reducing import dependence. Operationally, Uno Minda will contribute its distribution network, while Suzhou will contribute its powertrain expertise.
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