Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Indian electric auto parts manufacturer Lucas TVS has signed a license and services agreement with 24M Technologies for the construction of a gigafactory in India, to produce lithium-ion cells using the latter’s semisolid platform technology. 


The factory will be located in Thervoy Kandigai village, near Chennai city in South India. Although the total construction cost has not been revealed by either company, the previous local government in power had estimated around Rs25bn ($343mn). Production is expected to begin in the second half of 2023 and capacity is expected to reach 10GWh. 


The company will be the first to produce this kind of battery domestically and hopes to construct many more to support the growth of the energy storage, electric mobility, and lead-acid battery replacement industries in India. Lucas TVS is also planning to build other plants in Japan, ASEAN, Europe, East Asia, and the US.



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