Lucas TVS plans foray into electric vehicle charging infrastructure

Topics tvs | Electric Vehicles | Charging

Lucas TVS, part of the TVS Group and a leading automotive component maker, is planning to come up with electric vehicle (EV) charging stations soon.   “Our aftermarket business has service networks all over India. As part of it, we are exploring the opportunity to set up charging stations,” said Arvind Balaji, managing director of Lucas TVS.   Early this month, TVS Motor Company, the flagship firm of the $8.5-billion TVS Group, had announced its strategic partnership with Tata Power for the implementation of EV charging infrastructure across the country. This comes at.....
Lucas TVS, part of the TVS Group and a leading automotive component maker, is planning to come up with electric vehicle (EV) charging stations soon.

 

“Our aftermarket business has service networks all over India. As part of it, we are exploring the opportunity to set up charging stations,” said Arvind Balaji, managing director of Lucas TVS.

 

Early this month, TVS Motor Company, the flagship firm of the $8.5-billion TVS Group, had announced its strategic partnership with Tata Power for the implementation of EV charging infrastructure across the country. This comes at a time when Lucas TVS and the US-based 24M Technologies are planning to come up with a Rs 2,500-crore giga factory near Chennai for making semi-solid lithium-ion (Li-ion) battery cells.

 

Cambridge-based 24M is a developer of next-generation lithium-ion battery technologies and the new factory in Chennai will be using its semisolid platform technology. Lucas TVS is into the production of components including starter motors, alternators, automotive mo­t­ors and EV traction motors in addit­ion to controllers and sensors. “The factory will come up through a new technology that reduces the cost of manufacturing and has advantages in terms of safety. We will start as a pilot and will pick up as demand picks up in the segment,” he said. According to the plan, the Chennai unit is expected to be on track after June 2023 and will be expanded in phases up to 10 Gwh.

 

“Traditionally, our group has been 100 per cent IC engines. So, it is a big shift for us. We will supply products to the electric vehicles. We will develop as many products as we can. Including motor, controller, batteries, sensors and display, we have plans for decent content in electric vehicles,” Balaji said.

 

The company is also set to come up with products for tractors and SUVs too. According to the reports, the company has plans to invest around Rs 100 crore per annum in the non-battery business, in addition to the Rs 2,500 crore factory.

 

Balaji said the firm is trying to expand its footprint into the consumer durable space as well and has launched ceiling fans. It had shown interest in the production linked incentive scheme for white goods to make fridges, washing machines, air conditioners and similar goods.

 

He hopes that the company’s sales will come back to the 2018-19 level of around Rs 2,400 crore this financial year, after seeing a considerable dip during the past two financial years. “We are seeing that almost 90 per cent of demand has come back in the automotive sector. It is not demand but chip shortage is something that has affected the original equipment manufacturer at present,” he said.



Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel
Key stories on business-standard.com are available to premium subscribers only.

Already a premium subscriber?

Subscribe to get an across device (Website, Mobile Web, Iphone, Ipad, and Android Phone applications) access to Premium content, Breaking News alerts, Industry Newsletters, Stock and Corporate news alerts, access to Archives and a lot more.

Read More on

TVS

ELECTRIC VEHICLES

CHARGING

LITHIUM BATTERY

AUTO COMPONENT MAKERS

COMPANIES

NEWS


Most Read

Markets

Companies

Opinion

Latest News

Todays Paper

News you can use