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 Feb 8. LG Energy, which globally supplies batteries to car makers like Tesla and Hyundai, said it is "proactively seeking partnerships" with domestic EV makers 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 has held more than a 50 percent 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 percent of total car sales 2030 from electric models. Authorities also want 70 percent 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.