Hyundai Motor and Kia Forge Partnership with Exide Energy to Accelerate EV Growth in India
Hyundai Motor Company and Kia Corporation have entered into a strategic alliance with Exide Energy Solutions Ltd., an eminent battery manufacturer in India, underscoring their commitment to accelerate electric vehicle (EV) adoption in the region.
This partnership, formalized through a Memorandum of Understanding (MOU), was announced at a ceremony held at Hyundai Motor Group’s Namyang Research and Development Center in South Korea. The event saw the participation of key figures including Heui Won Yang, President and Head of Hyundai Motor and Kia’s R&D Division, alongside leaders from both automotive giants and Dr. Mandar V Deo, Managing Director and CEO of Exide Energy.
This collaboration is central to Hyundai and Kia’s strategy to bolster their EV offerings in the Indian market by localizing the production of EV batteries, with a particular focus on lithium-iron-phosphate (LFP) cells. This initiative not only aims to streamline their supply chain but also positions them as trailblazers in incorporating India-manufactured batteries into their forthcoming EV models.
Heui Won Yang highlighted the criticality of India as a burgeoning market for EVs, spurred by the nation’s ambitious carbon neutrality objectives. He emphasized that the collaboration with Exide Energy is a strategic step towards enhancing cost-effectiveness through localized battery production, giving Hyundai and Kia a distinct edge by powering their future EVs in India with domestically produced batteries.
Exide Industries Ltd., the parent company of Exide Energy Solutions Ltd., is a stalwart in India’s battery industry with over 75 years of experience in lead-acid batteries. Established in 2022, Exide Energy Solutions Ltd. represents Exide Industries Ltd.’s foray into lithium-ion battery manufacturing, encompassing a diverse range of chemistries and configurations.
This partnership marks a significant milestone for Hyundai and Kia as they amplify their efforts in battery development and sourcing within the Indian market. It underscores India’s growing importance in the global automotive landscape, particularly in the EV sector, positioning Hyundai and Kia to take a leadership role in India’s transition towards electric mobility.
