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Hyundai Motor and Kia partner with Exide Energy for EV battery localization in India; focus on LFP

Hyundai Motor Company (Hyundai Motor) and Kia Corporation (Kia) signed a Memorandum of Understanding (MOU) for strategic cooperation with Exide Energy Solutions Ltd., a leading Indian battery company, 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 localize their EV battery production, specifically focusing on lithium-iron-phosphate (LFP) cells.

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. 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.

—Heui Won Yang, President and Head of Hyundai Motor and Kia’s R&D Division

Kolkata-based Exide Industries Ltd., a leading lead-acid battery supplier in India has more than 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.

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 seen as a highly promising automotive market worldwide and the country is emerging as a 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.

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