LG Energy plans to sell batteries to more electric scooter makers in India
The company holds more than a 50 per cent share of this market since setting up its India unit in 2023. It also supplies battery cells to domestic car maker Mahindra & Mahindra for its EVs | Photo: Bloomberg
South Korea’s LG Energy Solution, the biggest supplier of battery cells to electric scooter makers in India, plans to grow its presence in the country’s passenger vehicle market, the company said in a statement on Thursday. LG Energy, which globally supplies batteries to car makers like Tesla and Hyundai, said it is “proactively seeking partnerships” with domestic EV makers as it looks to grow its business in one of the world’s fastest-growing car markets.
The company did not specify the EV firms it is in talks with.LG Energy’s India unit dominates the supply of battery cells to domestic e-scooter makers such as Softbank Group-backed Ola Electric and domestic rival TVS.
The company holds more than a 50 per cent share of this market since setting up its India unit in 2023. It also supplies battery cells to domestic car maker Mahindra & Mahindra for its EVs. India’s EV market is small but growing, with the government targeting 30 per cent of total car sales in 2030 to come from electric models. Authorities also want 70 per cent of scooters to be electric over the same time period. India has urged companies to build EVs and batteries locally and is offering incentives under its domestic manufacturing program.
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First Published: Feb 08 2024 | 1:31 PM IST