LG Energy plans to sell batteries to more electric scooter makers in India| Trending Viral hub

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The company holds more than 50 percent of this market since it set up its India unit in 2023. It also supplies battery cells to domestic automaker Mahindra & Mahindra for its electric vehicles. Photo: Bloomberg

South Korea’s LG Energy Solution, the largest supplier of battery cells to electric scooter makers in India, plans to increase its presence in the country’s passenger vehicle market, the company said in a statement on Thursday. LG Energy, which globally supplies batteries to automakers such as Tesla and Hyundai, said it is “proactively seeking partnerships” with domestic electric vehicle makers as it looks to grow its business in one of the world’s fastest-growing auto markets.

The company did not specify the electric vehicle companies it is in talks with. LG Energy’s Indian unit dominates the supply of battery cells to domestic electric scooter makers such as Softbank Group-backed Ola Electric and domestic rival TVS.

The company holds over 50 per cent of this market since setting up its India unit in 2023. It also supplies battery cells to domestic automaker Mahindra & Mahindra for its electric vehicles. India’s electric vehicle market is small but growing, and the government aims for 30 percent of total car sales in 2030 to come from electric models. Authorities also want 70 percent of scooters to be electric over the same period. India has urged companies to manufacture electric vehicles and batteries locally and is offering incentives under its domestic manufacturing programme.

(Only the title and image of this report may have been modified by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First published: February 8, 2024 | 13:31 IS

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