Automobile industries in Peenya shutting down as focus shifts to EVs

BENGALURU: The increase in the transition to electric vehicles has affected manufacturers of automobile parts in Peenya Industrial Area and millions of workers fear losing their jobs.

The increase in the transition to electric vehicles has affected the Peenya industrial automobile manufacturers.

The transition to electric vehicles is increasing by the day all over the world. People are turning to electric vehicles for many reasons including the increase in fuel prices. But it has affected many automotive parts manufacturing companies in the city.

The demand for electric vehicles has reduced the demand for automobile components by 50 per cent. Many industries in Peenya industrial area have shut down due to low demand and difficulties in running the industry. The manufacturing companies’ losses have been estimated at around Rs 700 crore, which has been attributed to the increased production and consumption of electric vehicles.

Manjunath, president of Peenya Industries Union

“The use of green vehicles has affected the manufacture of around 1,000 components and around 50 per cent of the industry will not have any demand. I urge the government to secure manufacturing orders for the Peenya Industrial Area in the upcoming Invest Karnataka event”, said Manjunath, president of the Peenya Industries Union.