Sharda Motors – Emission tailwinds or EV threat to exhaust systems?

Some minor updates:

1. Trem 4 has kicked in as expected.
   (ref – TREM IV emission norms may impact 7-8 % of domestic volume, says ICRA | Business Standard News)

2. There was only one hiring post related to position related to battery engineering (4 months back). As the location is pune it must be falling into JV with KG. After that i don’t see any newer openings related to this JV.
   (Ref – Sharda Motor Industries Ltd on LinkedIn: #hiringalert #pune #hiringtalent #automotivejobs #automotiveindustry…)

3. No news about the delay of the rde norms from april 2023. This is list of few cars that may get discontinued due to increased cost (just a probability may be).
   (Ref – Real Driving Emission norms coming in April 2023: affected cars, SUVs | Autocar India)

Doubt : If the green hydrogen story really kicks in. FCEV would probably be emitting only water vapour and warm air. Is it very easy for oem’s to manufacture their own exhaust ?
My Assumption : As harmful gases won’t be there, so catalytic converter with metals is no more required. Sensors also won’t be that much required. But NHV ( Noise, vibration and harshness) would be still there. So muffler, resonator & tail pipe should still be present. So SMIL can still play with the integration.