Leading auto component manufacturer Rane Group is chalking out a two-pronged strategy to prepare for the disruptive changes that electric vehicles (EVs) can bring in globally.
The Chennai-headquartered Group is rehashing business strategy to have a balanced focus so that even if the passenger car business declines due to electrification, it doesn’t affect the business. It is drawing up plans over three-five year period horizon.
While the automobile industry believes electric cars are the order of the future but when is everybody’s question.
“Even our overseas customers are not sure at what pace it can come. But we are very aware that this could be a disruptive technology change and we could be surprised much faster than what people think,”said L Ganesh, Chairman, Rane Group.
Firstly, the group is increasing its knowledge base. It is focussed on networking with technology companies, especially in the US, to know about new technologies, products and aggregates.
“We will be there right in the front watching and seeing what is going on,” stated Ganesh.
“May be in the next few months some thing will crystallise as we are in dialogue with one or two technology companies, he added.
Secondly, Rane Group is evaluating what strategy would be needed in the business of Rane Engine Valves. “Because, it is one product which will directly get impacted if there is a switch to electric vehicles – from petroleum to electric engines,” he explained.