Auto Giants Hyundai Motor and Kia signed MOU with Exide Energy to produce EV Batteries in India
The Auto Giants Hyundai Motor and Kia Corporation joined hands with Exide Energy to seal a deal for the betterment of the Automobile Industry. They signed a Memorandum of Understanding (MoU) with a leading Indian battery company for cooperation in producing EV batteries in India. This cooperation is a part of their electric vehicle (EV) expansion plans.
The MOU signing ceremony took place in South Korea at the Namyang Research and Development Center of Hyundai Motor Group.
With the sight of expanding their EV plans in the Indian market, the Auto Giants focusing on lithium-iron-phosphate (LFP) cells with the aim to localize their EV battery production.
This planned move will make them stand out as leaders in using domestically produced LFP cell batteries in their next EV models in the Indian market, according to an official release.
Heui Won Yang, President of Auto Giants said, “India is a main market for vehicle electrification, thanks in part to the government’s carbon neutrality aspirations, making cost competitiveness through indigenous battery production essential.”
Global partnership with Exide Energy will result in gaining an economic advantage by equipping EV models of Hyundai Motor and Kia in India with locally produced batteries.
A wholly owned subsidiary company of Exide Industries Ltd. – Exide Energy Solutions Ltd was established in 2022. The Company was founded to take charge of manufacturing Lithium-Ion cells, modules and packs in a variety of chemistries and form factors.
