Omega Seiki Mobility Pvt. will spend $881 million to construct two factories in India to produce batteries and powertrains for electric vehicle components.
According to a statement released on Sunday, the New Delhi-based company has partnered with startup iM3NY, which makes lithium-ion cells in New York, to build batteries in the South Asian country. The 2018-founded Omega has also partnered with Jae Sung Tech Korea to produce local electric car power trains, according to the statement.
According to consultancy Arthur D. Little, the demand for lithium-ion batteries in India would rise from 3 gigawatt-hour now to 20 gigawatt-hour by 2030, necessitating an expansion of domestic cell manufacturing capacity. Due to a shortage of domestic manufacture, India imports 70% of its lithium-ion cell needs from China and Hong Kong.
According to the business, Omega’s battery facility in the western state of Maharashtra would start out with a 0.5 gigawatt capacity and grow to 2 gigawatts. According to the company, 10,000 units will be produced at its Haryana power train plant in 2024, and 100,000 by the fourth year.
An Indian company called Omega Seiki Mobility is creating a series of commercial electric vehicles (EVs) that will largely be used for last-mile deliveries in e-commerce. With its main office in New Delhi, India, Omega Seiki operates as the Anglian Omega Group’s distinct business auto segment.
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