Lucas TVS is expanding its electric vehicle (EV) battery pack production and plans to enter the energy storage sector. The company, through its subsidiary TVS Indeon Ltd, operates a battery pack manufacturing facility in Thervoy Kandigai, Gummidipoondi, near Chennai, which began production in 2024.
The facility currently has a capacity of 1,500 battery packs per day, operating in a single shift. A second shift is expected to be introduced soon, followed by a third shift by mid-next year to reach full capacity. The company has invested ₹200 crore in the facility and research and development efforts.
Lucas TVS supplies battery packs primarily to TVS Motors and aims to expand its customer base to other original equipment manufacturers (OEMs). The company projects revenue from its EV battery business to reach ₹200-300 crore in the next few years.
In addition to EV batteries, Lucas TVS plans to develop and manufacture battery cells domestically. It is also working on increasing energy utilisation efficiency in its battery packs.
The company is preparing to enter the energy storage market, particularly in Battery Energy Storage Systems (BESS) for renewable energy applications.
As a group, including Lucas TVS, Delphi TVS, and affiliated businesses, the company reports a consolidated revenue of ₹7,000 crore and expects growth to ₹8,000-₹9,000 crore in the coming years. The information is based on a press release issued by the company.