Almost all the Indian automotive and two-wheeler makers besides many EV startups had announced their plans with regard to the launch of battery-powered vehicles in a big way starting from this year. Interestingly, Saar is the only Indian battery maker that is gearing up to join the EV manufacturing bandwagon while its bigger market peers are looking at the battery business opportunity that would be generated by the electric vehicles
in the future.
Livefast Batteries had generated around Rs 1,000 crore revenues last year and is expected to double its revenues on the back of the Inverter Products it has recently launched following the expiry of the non-compete
"Most do not know that there are already one million e-rickshaws plying on the roads, mostly in West Bengal and Uttar Pradesh, and we are a dominant player in powering them. We have already set our priorities as far as the EVs and the EV batteries are concerned," Bhatia told Business Standard on Friday.
The EV shift will first start with the city passenger vehicles and the small commercial trucks followed by two-wheeler space in a big way, according to him. The company would continue using the lead-acid batteries using in-house technology innovations before it is ready to make lithium-ion batteries for which the company had already bought an assembly line. It also has plans to set up EV charging infrastructure.agreement with the French company. Inverters alone account for Rs 15,000 crore of the Rs 25,000 crore battery market in India, according to Livfast official.
Last year the company had set up an inverter battery plant with an annual capacity of 1.8 million units at an investment of Rs 250 crore. It had sold 1 lakh units in the first 75 days after the launch of inverter products. The company is currently launching these products across South India.
Responding to a question, Bhatia said they were hoping to take the company's market share to 10-12 percent level across the battery segments including the automotive replacement market and inverters from the present 4 percent level in a year or two.