Honda is planning to set up a lithium-ion battery manufacturing unit in India, according to some media reports.The government of India is working to promote electric vehicles in the country and aims to have 100% fleet of electric vehicles by 2030. The electric vehicle is thus gaining attention from the automakers as well that are now looking to cash in the opportunity.
Lithium-ion batteries are indispensable for the proliferation of electric vehicles and thus the company is looking to set up a manufacturing unit in India. The company has also recently formed a joint venture with Hitachi Automotive Systems Ltd to develop motors for electric vehicles in which Hitachi will own a 51% stake in the joint venture company while Honda will own 49%. The company is also working with Panasonic for the advancement of electric vehicle batteries.
Other Japanese automakers Toyota and Suzuki recently joined hands to bring electric cars in India. These companies are also setting up their manufacturing plants for electric vehicles in the country. Suzuki, Toshiba, and Denso have also reached basic agreement on establishing a joint venture company for the production of automotive lithium-ion battery packs in India and signed the agreement.