India is recognized as a highly promising automotive market worldwide and the country is rapidly emerging as a critical player in the production and sales of EVs.
Hyundai and Kia have signed a Memorandum of Understanding (MOU) for strategic cooperation with Exide Energy as part of their electric vehicle (EV) expansion plans. With the expansion of their EV plans for the Indian market, Hyundai Motor and Kia aim to localise their EV battery production, specifically focusing on lithium-iron-phosphate (LFP) cells. This move will position them as the pioneers in applying domestically produced batteries in their upcoming EV models in the Indian market.
India is recognized as a highly promising automotive market worldwide and the country is rapidly emerging as a critical player in the production and sales of EVs. Realizing the strategic importance of the Indian market, Hyundai Motor and Kia are taking the lead in the Indian market by introducing its EV models to establish itself as the frontrunner in the Indian automotive industry.
“India is a key market for vehicle electrification due in part to the government’s carbon neutrality goals, which makes securing cost competitiveness through localized battery production crucial,” said Heui Won Yang, President and Head of Hyundai Motor and Kia’s R&D Division. “Through this global partnership with Exide Energy Solutions Ltd., we will gain a competitive advantage by equipping Hyundai Motor and Kia’s future EV models in the Indian market with locally produced batteries.”
Kolkata-based Exide Energy has over 75 years of experience and market leadership in lead-acid batteries. Exide Energy Solutions Ltd. is a wholly owned subsidiary company of Exide Industries Ltd., which was established in 2022 to foray into the business of manufacturing of Lithium-Ion cells, modules and packs incorporating a portfolio of multiple chemistries and form factors.
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