Latest News | Sterling Tools to Manufacture, Market Rare Earth Magnet-free Traction Motors for Electric Vehicles
Get latest articles and stories on Latest News at LatestLY. Automotive component maker Sterling Tools through its subsidiary, Sterling Gtake E-Mobility Ltd (SGEM), on Wednesday announced its entry into the manufacturing and marketing of rare earth magnet-free traction motors for electric vehicles.
Mumbai, May 14 (PTI) Automotive component maker Sterling Tools through its subsidiary, Sterling Gtake E-Mobility Ltd (SGEM), on Wednesday announced its entry into the manufacturing and marketing of rare earth magnet-free traction motors for electric vehicles.
The company has signed a technology licensing agreement with UK-headquartered Advanced Electric Machines (AEM) Ltd to manufacture these motors at its Faridabad plant in Haryana, it said.
The move will help reduce customers' dependency on China with a permanent supply chain alternative, Sterling Tools said.
"The diversification into rare earth magnet-free motors is in line with Sterling's ambition to develop Powertrain expertise to serve the Indian auto industry," said Anil Aggarwal, Chairman, Sterling Tools Ltd.
Sterling Tools plans to further expand the local manufacturing of EV solutions, strengthening India's industrial supply chain, he added.
Through this technology licensing agreement, SGEM will serve all segments of the traction motors market that is expected to grow to approximately Rs 15,000 crore by 2030, it said.
The development will enable domestic companies and other suppliers to access advanced technology locally, building a self-reliant ecosystem for the auto industry, the company said.
"We are expanding beyond motor control units to being a complete solution provider and meeting the EV industry's growing demand for advanced technology. EV sub-systems are being increasingly consolidated into multifunction units and Sterling will also offer our customers integrated motor and controller solutions," said Aggarwal.
"India's automotive and zero-emission manufacturing market offers immense potential for growth and innovation. Through our partnership with Sterling Tools, we are bringing our proven expertise in magnet-free motors to Indian customers across a wide range of vehicle categories," said James Widmer, Co-founder and Chief Executive Officer of Advanced Electric Machines.
The two partners together can create high-quality powertrain solutions that cater to India's growing need to reduce its tailpipe emissions, while also supporting the country's self-reliance and sustainability goals, he added.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)