Lucas TVS has begun production of motors for e-rickshaws.
With an eye on the proliferation of e-rickshaws in India, Lucas TVS has begun the manufacture of electric drive motors at its plant at Puducherry. The first phase of manufacture would involve 60,000 units with an investment of Rupees-six crore. The second phase would involve a capacity hike to 120,000 motors. Planning to supply the e-rickshaw drive motors to 50 customers in the next six months, the company has chalked out a strategy to increase its reach in the domestic e-rickshaw market that is estimated to grow to 935.5 thousand units by 2024 according to a market research report published by P&S Intelligence. Majorly driven by government incentives and environmental policies, e-rickshaws in India are produced by a large number of unorganized players. The organized players, that include Lohia Auto Industries, Kinetic Green Energy and Power Solutions Ltd., Hero Electric Vehicles Pvt. Ltd., Terra Motors Corporation, Clean Motion India, and Saera Electric Auto Pvt. Ltd., are said to account for a mere 15 percent of the market. Their number is however growing.
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