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Hyundai Motor Company and Kia Corporation sign MOU with Exide Energy

By Staff Writer ,

Added 08 April 2024

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.

Hyundai Motor Company (Hyundai Motor) and Kia Corporation (Kia) signed a Memorandum of Understanding (MOU) for strategic cooperation with Exide Energy Solutions Ltd. (Exide Energy), a leading Indian battery company, as part of their electric vehicle (EV) expansion plans.

 The signing ceremony took place at Hyundai Motor Group's Namyang Research and Development Centre in South Korea, attended by Heui Won Yang, President and Head of Hyundai Motor and Kia's R&D Division, Chang Hwan Kim, Head of Electrification Energy Solutions Tech Unit, Duk Gyo Jeong, Head of Electric Vehicle Parts Purchasing Sub-Division; and Dr. Mandar V Deo, Managing Director, and CEO of Exide Energy.

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 strategic move will position them as the pioneers in applying domestically produced batteries to their upcoming EV models in the Indian market.

 "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," 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 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.

This strategic cooperation with Exide Energy marks the beginning of Hyundai Motor and Kia's efforts to expand their 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 their EV models to establish themselves as the front-runners in the Indian automotive industry.

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