NEW DELHI, February 8, 2024 – In an electrifying tale of market conquest, LG Energy Solution India Private Limited, also known as the titan of the electric two-wheeler (E-2W) domain, marks its first anniversary with sparkles and volts of success. Not just surviving but thriving, this powerhouse subsidiary of LG Energy Solution has zipped through the Indian market with the speed of its electric scooters, claiming the throne as the undeniable market leader in the buzzing E-2W arena.
A year ago, the South Korean giant plugged into the Indian market, establishing its local subsidiary with a vision sharper than the edge of a freshly minted semiconductor. Since its dramatic entrance into India back in 2015, LG Energy Solution has been more than just a player; it’s been the game changer in the light electric vehicle (LEV) league. With India’s streets now humming with electric scooters, the company’s prescience is paying off, as it now enjoys over 50 percent of the E-2W market share, a feat as remarkable as finding a peaceful spot in New Delhi’s rush hour.
The Indian LEV market, ripe with the zest of a youthful demographic and as promising as the monsoon after a scorching summer, is on track to see about 45 percent of its two-wheelers turn electric by 2030. This vision paints a future where electric scooters and bikes weave through the Indian landscape, carrying a market value as hefty as KRW 5.4 trillion (INR 330 billion). LG Energy Solution, with its eagle-eyed strategy, has not only envisioned this electrified future but is also leading the charge (pun intended) towards it.
In its quest to keep the Indian streets buzzing with eco-friendly transportation, LG Energy Solution India has not just been a battery supplier. It’s been a partner in progress, collaborating with the Indian government to fast-track the country’s EV revolution with a cocktail of innovative battery technologies and decades of global experience. The company’s plan doesn’t stop at two-wheelers; it aims to electrify three-wheelers and four-wheelers, promising a future where the air is as clean as the energy powering the vehicles.
Choung oh Yoo, the Managing Director of LG Energy Solution India, reflecting on the year’s journey, said, “Our venture into the Indian LEV market was not just about business; it was about fostering a sustainable future together. In just a year, we’ve managed to not just participate in the market but to lead it, thanks to our unwavering commitment to quality and innovation.”
As LG Energy Solution India blows out its first candle, it’s clear that this is just the beginning of a long and electrifying road ahead. With a mission to power India’s EV transition, the company is not just driving on the road to success; it’s paving it for future generations to ride on.