The assumption of “Every EV requires a auxiliary lead acid battery” is a bit unrealistic. My be the lead acid 12V batteries will go , the current constraint is legacy low voltage design architecture. (subcomps that are designed for legacy 12V system)
But for an EV it looks like a burden, because , in spite of having a large HV pack , we have a 12V lead acid battery and a DC2DC converter (to support legacy LV architecture). may be in India it might happen slowly, but there is a possibility it can happen fast, because at the current state of EV technology , the electric cars are unaffordable, so large optimization will happen from what Tesla has industrialized.
Meanwhile, I think Exide is expensive, considering its single digit profitability, high capital intensity, very little growth and uncertainty of future market for its current legacy products…
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