Infrastructure
Hyundai Motor And Kia Partner With Exide Energy For EV Battery Localisation
A battery. (Representative Image)
Hyundai Motor Company and Kia Corporation have entered into a pact with Exide Energy Solutions Limited for localisation of electric vehicle (EV) batteries in India.
The memorandum of understanding (MoU) for strategic cooperation in the battery segment was signed at Hyundai Motor Group’s Namyang Research and Development Center in South Korea.
The partnership with Exide Energy enables Hyundai Motor and Kia to equip their upcoming EV models in the Indian market with locally-produced lithium-iron-phosphate (LFP) cells, said the Korean carmaker in a statement.
LFP batteries are gaining popularity for standard-range EVs, with leading automakers such as Tesla and Ford incorporating LFP-powered vehicles in their lineup. Known for their extended lifespan and cost-effectiveness compared to other lithium-ion batteries, LFP batteries are becoming a preferred choice.
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 frontrunner in the Indian automotive industry.
This strategic cooperation with Exide Energy, a subsidiary of Kolkata-based Exide Industries Ltd, marks the beginning of Hyundai Motor and Kia’s efforts to expand exclusive battery development, production, supply, and partnerships in India.
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