Amara Raja Batteries plans to expand into the two-wheeler electric vehicle (EV) market, first through chargers and then batteries, as part of an expansion to triple its lithium-ion business this financial year, a top executive said.
Amara Raja, which currently has customers only in the three-wheeler EV market, gets about 2.5% of its revenue from its lithium-ion battery business, while the rest of its total revenue of 103.85 billion rupees ($1.25 billion) in fiscal 2023 was from its flagship lead acid storage battery-making unit.
