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The largest supplier of battery cells to Indian manufacturers of electric scooters, LG Energy Solution, is based in South Korea and intends to expand into the passenger car industry in that nation, according to the business.
LG Energy, which supplies batteries to automakers such as Tesla and Hyundai, has stated that it is "proactively seeking partnerships" with local EV makers to expand its business in one of the world's fastest-growing automotive markets.
LG Energy's India unit is the primary supplier of battery cells to domestic e-scooter manufacturers such as Softbank Group-backed Ola Electric and domestic rival TVS. Since establishing its India unit in 2023, the company has amassed over a 50% market share. It also supplies battery cells to domestic car maker Mahindra & Mahindra for its EVs.
India's EV market is small but growing. The government targets 30% of total car sales in 2030 from electric models. Authorities also want 70% of scooters to be electric over the same period. India has urged companies to build EVs and batteries locally and is offering incentives under its domestic manufacturing program.
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