Auto-component major Kinetic group is setting up an advanced electric vehicle (EV) battery manufacturing plant with an initial capacity of 60,000 units per annum with an investment of ₹50 crore in Ahmednagar, Maharashtra.
The Range-X brand of batteries for two-wheelers and three-wheelers will be based on both LFP (lithium iron phosphate) and NMC (lithium-nickel-manganese-cobalt) technologies.
Speaking to Sohini Das/Business Standard in a video interview, Ajinkya Firodia, vice-chairman and managing director, Kinetic group, spoke about his plans for the EV-components business, and the components business at large for the group.
Why venture into battery business?
Over the last four-five years, we at the Kinetic group have been taking the EV boom quite seriously, and investing in manufacturing EV components through our various arms. But, you know, commitment to EV is not complete if you don’t venture into the battery business, because 50 per cent of the cost of the vehicle is the battery.
