TVS Indeon, a wholly-owned subsidiary of automotive electrical component manufacturer Lucas TVS, is set to enter battery cell manufacturing for the mobility segment and energy storage solutions, a senior company official said.“Currently, we are only offering battery packaging solutions. The next step is to enter battery cell manufacturing,” said TK Balaji, chairman and managing director of Lucas TVS and TVS Indeon.
On Friday, TVS Indeon announced that it has doubled its production capacity from 500 to 1,000 battery packs per day. The company, which began operations in August 2024, has an installed capacity of 1 GWh, with the potential to scale up to 1,500 battery packs per day. “It expects to reach full capacity by March 2026.
Balaji said the battery packs will initially be supplied to group company TVS Motor, but discussions are ongoing with other electric vehicle (EV) OEMs.Lucas TVS has partnered with US-based 24M for battery packaging technology. According to Balaji, this next-generation technology enhances safety and improves efficiency by 60-70% compared to traditional solutions.
Balaji stated that the company is growing its focus on battery energy storage systems (BESS) as part of its long-term strategy. “We aim to target both the mobility and energy storage markets,” he said.
Speaking at the event, TVS Motor Company director and CEO KN Radhakrishnan stated that the battery management systems (BMS) business is rapidly evolving but safety and quality remain top priorities.
Pointing to the presence of over 500 companies, including legacy players and startups, in the electric two-wheeler space, Radhakrishnan said pricing remains a major challenge. “Some competitors think they can gain market share by reducing the price,” Radhakrishnan said, adding that, in the short term, yes, but in the long term, one cannot compete only on pricing but technology, and other features.
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