Hyundai Motor Co. and Kia Corp. (Kia) have collaborated with Exide Energy Solutions Ltd (Exide Energy) for localization of their electric vehicle (EV) battery production as part of their EV expansion plans for the Indian market. They signed a Memorandum of Understanding (MOU) for strategic cooperation with Exide Energy recently.
Hyundai Motor and Kia aim to localize 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 in 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 localized 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 has over 75 years of experience and market leadership in lead-acid batteries. Exide Energy Solutions 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.
Exide Energy Solutions plans a single-site, 12 GWh lithium-ion cell production capacity in Karnataka, out of which the initial 6 GWh cell facility is already under construction in the Devanahalli Industrial Area and will likely commence production by December this year. It will manufacture cylindrical, pouch, and prismatic lithium-ion cells for mobility and stationary applications.
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.
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