In a significant move towards their electric vehicle (EV) expansion plans in India, Hyundai Motor Company (Hyundai Motor) and Kia Corporation (Kia) have signed a Memorandum of Understanding (MOU) with Exide Energy Solutions Ltd. (Exide Energy), a leading Indian battery company.
The signing ceremony, held at Hyundai Motor Group’s Namyang Research and Development Center in South Korea, was attended by key executives including 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.
The collaboration aims to localize EV battery production, focusing on lithium-iron-phosphate (LFP) cells, thereby positioning Hyundai Motor and Kia as pioneers in utilizing domestically produced batteries for their upcoming EV models in the Indian market.
Heui Won Yang emphasized the significance of India’s market for vehicle electrification, citing the government’s carbon neutrality goals. He expressed confidence in gaining a competitive advantage through the partnership with Exide Energy Solutions Ltd. to equip future EV models with locally produced batteries.
Exide Industries Ltd., based in Kolkata, brings over 75 years of experience and market leadership in lead-acid batteries to the collaboration. Exide Energy Solutions Ltd., established in 2022 as a subsidiary of Exide Industries Ltd., specializes in the manufacturing of Lithium-Ion cells, modules, and packs.
This strategic cooperation marks the beginning of Hyundai Motor and Kia’s efforts to expand their battery development, production, supply, and partnerships in the Indian market, recognizing its potential as a highly promising automotive market and a critical player in EV production and sales.
With Hyundai Motor and Kia taking the lead in introducing EV models, the collaboration aims to establish their foothold as frontrunners in the Indian automotive industry’s transition towards electric mobility.
