LG has a good reputation in the Indian market as a manufacturer of electronic equipment. Again, their own company LG Energy Solutions (LG Energy Solutions) supplies battery cells to many electric two-wheeler brands in the country. You will be surprised to hear that they are one of the largest EV battery suppliers in the world. LG Energy is now planning to expand its business in India. For this, the brand is looking for opportunities to join hands with passenger EV companies of the country.
LG Energy sells batteries to automakers such as Tesla and Hyundai in the global market. The South Korean company has expressed a strong desire to tie up with companies doing business in potential markets like India. They have taken this decision to increase the sale of batteries.
However, with which company in India LG Energy is currently in talks to sign a contract, that topic is kept under wraps. LG Energy’s Indian arm currently supplies battery cells to most scooter manufacturers in the country. Notable among which – Ola Electric and TVS. Since establishing its base in this country last year, the company has managed to capture more than 50 percent of the market share.
LG currently supplies battery cells to Mahindra and Mahindra as well. India’s electric car market is small but growing. By 2030, the government is aiming to make 30 percent of the total car sales run on batteries. It has even set a target of making 70 percent of the scooters sold in the market electric within the said period.