Eastman Auto & Power, a well-known name in the field of power solutions, specializing in Last Mile E-Mobility Solutions, Continued Energy Solutions and Solar Solutions with a dedicated workforce of over 3600 professionals spread across six manufacturing units and corporate offices, the company plays a pivotal role in local employment generation. The company had posted a turnover of about Rs 3,600 crore in 2023-24.
In a recent interview, Abdullah interacted with Sudham Ravinutala, Vice President Marketing and Product Strategy,Eastman Auto & Power Ltd. in which he discussed about the key drivers behind Eastman Auto Power Limited growth in 2024 and how did the company strengthen its market presence and product sales, strategic initiatives and product launches does Eastman Auto Power Limited have planned for 2025, government policies market trends and challenges shaping the future of EV batteries in India, types of battery technologies are currently used by Eastman Auto Power Limited and what unique advantages do they offer to different applications, Eastman Auto Power Limited preparing to adopt next generation battery technologies to stay ahead in the evolving environment.
What were the key drivers behind Eastman Auto Power Limited growth in 2024 and how did the company strengthen its market presence and product sales?
Over the past five years, Eastman has experienced remarkable growth, expanding nearly fivefold—a trajectory marked by consistent near-doubling year over year. This growth has been significantly driven by the rapid rise of the e-rickshaw sector in India and the overall surge in last-mile e-mobility solutions. Eastman has been at the forefront of this transformation, emerging as a leader largely due to its early entry into the market and unwavering commitment to product excellence.
Innovation has been a cornerstone of Eastman’s success. The company has introduced a range of cutting-edge offerings tailored to the needs of both consumers and customers. This focus on innovation has solidified Eastman’s dominance in the e-rickshaw battery market, both in the OEM segment and the aftermarket.
In essence, three out of every four e-rickshaw batteries in India are likely to be Eastman products, powering millions of last-mile journeys across the nation. This significant market presence underscores Eastman’s role in facilitating sustainable and reliable mobility solutions, making its journey both impactful and rewarding.
What strategic initiatives and product launches does Eastman Auto Power Limited have planned for 2025?
Coming off an impressive trajectory of growth, the expectations—both internal and external—are exceptionally high. We are fully aware of the responsibility this places on us. At the same time, we recognize the dynamic nature of the environment in which we operate. Policy interventions are becoming more pronounced, and regulations around registrations are set to become mandatory. Additionally, significant transformations are underway in energy storage technologies, with a shift from traditional lead-acid batteries to advanced lithium-ion chemistries.
Our strategy remains straightforward: continue excelling at what we do best and scale it further. To elaborate, our strength lies in fostering deep, enduring relationships with original equipment manufacturers (OEMs) in the electric rickshaw segment. These partnerships have been a cornerstone of our success, and our focus is on elevating these relationships to new heights by expanding product portfolios and offerings.
Simultaneously, we are keenly focused on the existing vehicle base in the market. Our efforts are directed toward enhancing value propositions for consumers, especially those at the bottom of the pyramid, by offering them better, more impactful solutions. This involves proactive outreach and sustained engagement to ensure customer satisfaction.
Furthermore, network expansion remains a priority. Over the next 12 to 18 months, we aim to double our presence across the country, strengthening our footprint in both existing and emerging markets. These efforts will revolve around three strategic pillars: consolidating relationships with customers, delivering increased value to consumers, and driving mutual growth with our partners.
Innovation, of course, remains at the heart of our approach, with newer product lines and advanced offerings playing a key role in shaping our growth in 2025 and beyond.
How do you see government policies market trends and challenges shaping the future of ev batteries in India?
The future of EV batteries in India is inherently tied to the broader trajectory of the battery industry in the country. Specifically, in our context, it aligns closely with the future of the e-rickshaw segment as a key electric vehicle category in India. After an initial surge in adoption, the market has experienced a slight slowdown in the introduction of new e-rickshaws powered by lead-acid batteries. This trend mirrors an overall reduction in sales of L3-category e-rickshaws this year compared to the same period last year.
However, there is a noticeable shift towards e-auto rickshaws, categorized as L5 vehicles, which are gaining momentum in the market. Another critical factor shaping this sector is the evolution of battery chemistries. While traditional lead-acid batteries remain in use, the transition towards lithium-ion technology is a significant focus.
This scenario parallels the broader automotive industry’s challenge: as long as internal combustion engine vehicles persist, there will be demand for conventional automotive batteries. Similarly, the pace of adoption of electric vehicles—and by extension, lithium-based last-mile mobility solutions—remains a pressing question.
We anticipate and are prepared for rapid adoption. Our efforts are directed towards strengthening our product offerings and building strategic partnerships to ensure that we remain as relevant in the future as we are today.
What types of battery technologies are currently used by Eastman Auto Power Limited and what unique advantages do they offer to different applications?
Eastman is positioned as a key innovator in the energy transition space, offering a diverse range of products across energy generation, conversion, and storage. The company envisions itself as not only a leader in last-mile e-mobility solutions but also as a transformative force in the solar energy sector. This vision drives Eastman’s strategic approach to battery technology, ensuring adaptability across multiple applications—whether for continuous energy supply through inverter batteries, mobility solutions like e-rickshaws, or solar storage systems.
Historically, energy storage has relied on a 120-year-old, stable, cost-effective technology: lead-acid batteries. Within this framework, innovations such as tall tubular batteries have enhanced storage efficiency for electrical applications. However, the industry is now witnessing a significant transition toward lithium-based battery technologies. Among the various lithium chemistries, lithium ferrous phosphate (LFP) is currently emerging as the preferred choice in the market due to its safety, cost-efficiency, and performance reliability.
While Eastman is not a cell manufacturer, its strategic focus is to be a fast adopter of proven technologies. By closely monitoring emerging trends and breakthroughs in battery chemistries, Eastman aims to swiftly integrate the most relevant and impactful innovations into its product lineup. The company prioritizes energy conversion technologies as a bridge between generation and storage, ensuring seamless adaptation to evolving energy ecosystems.
How is Eastman Auto Power Limited preparing to adopt next generation battery technologies to stay ahead in the evolving environment?
We are committed to continuing innovation and enhancing our value proposition for customers in newer and better ways—whether through offering the highest warranty products or innovating with the most cost-effective solutions. Our focus is on delivering innovations that cater to every customer’s needs and budget, ensuring we remain relevant and accessible to all. In essence, this summarizes our intent and direction moving forward.