• By Divanshi Sharma
  • Mon, 08 Apr 2024 06:36 PM (IST)
  • Source:JND

Hyundai Motor Company and Kia Corporation have signed a Memorandum of Understanding (MOU) with Exide Energy Solutions Ltd. (Exide Energy), a prominent Indian battery company, as a strategic cooperation step in their electric vehicle (EV) expansion strategies. The signing ceremony occurred at Hyundai Motor Group’s Namyang Research and Development Center in South Korea, with the presence of Heui Won Yang, President and Head of Hyundai Motor and Kia’s R&D Division, and Dr. Mandar V Deo, Managing Director and CEO of Exide Energy.

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Hyundai Motor and Kia are ramping up their EV plans for India by focusing on localising the production of EV batteries, particularly lithium-iron-phosphate (LFP) cells. This strategic decision aims to make them leaders in utilising batteries made in India for their future EV models in the Indian market.

Heui Won Yang, President and Head of Hyundai Motor and Kia’s R&D Division said, “India is a key market for vehicle electrification due in part to the government’s carbon neutrality goals, which makes securing cost competitiveness through localised battery production crucial. 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 Industries Ltd., a leading lead-acid battery supplier in India 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 Lithium-Ion cells, modules and packs incorporating a portfolio of multiple chemistries and form factors.

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This strategic cooperation with Exide Energy marks the beginning of Hyundai Motor and Kia’s efforts to expand its exclusive battery development, production, supply and partnerships in the Indian market. India is recognised as a highly promising automotive market worldwide and the country is rapidly emerging as a critical player in the production and sales of EVs. Realising 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 front runner in the Indian automotive industry.