Hyundai Motor and Kia to partner with Exide Energy to focus on the development of electric vehicle (EV) batteries in India. The collaboration was formalized through a Memorandum of Understanding (MOU), marking a significant milestone in their efforts to expand their presence in one of the world’s fastest-growing EV markets.
The joint venture aims to leverage Hyundai and Kia’s automotive manufacturing prowess with Exide Energy’s expertise in battery technology. By combining their strengths, the companies hope to address India’s growing demand for electric vehicles, which is fueled by the government’s aggressive push towards cleaner energy.
The historic MOU signing took place at Hyundai Motor Group’s Research and Development Center in South Korea, witnessed by key executives from both automotive giants and Exide Energy. Heui Won Yang and Chang Hwan Kim represented Hyundai and Kia, while Dr. Mandar V Deo attended on behalf of Exide Energy.
Exide Energy: A Veteran in Battery Technology
Exide Industries Ltd., headquartered in Kolkata, has been a dominant force in India’s lead-acid battery market for over 75 years. Its subsidiary, Exide Energy Solutions Ltd., founded in 2022, specializes in the production of lithium-ion batteries, showcasing the company’s pivot towards next-generation energy solutions.
Exide Energy brings to the table advanced research and development capabilities. The collaboration will focus on creating high-efficiency, low-cost batteries that are specifically tailored for the Indian market. This initiative is expected to accelerate the adoption of electric vehicles across the country, offering consumers more environmentally friendly and cost-effective transportation options.
Local Production of EV Batteries
A major objective of this partnership is to initiate the local production of lithium-iron-phosphate (LFP) cells for EV batteries in India. Hyundai and Kia aim to integrate these domestically produced batteries into their future EV models, positioning themselves as leaders in the burgeoning Indian EV market.
Heui Won Yang highlights the strategic importance of India in the global shift towards vehicle electrification, noting the country’s carbon neutrality goals. He stated that the alliance with Exide Energy will afford Hyundai and Kia a considerable advantage, as their forthcoming EV models in India will benefit from locally manufactured batteries.
As Hyundai and Kia partner with Exide Energy, it seeks to bolster its standing in India’s competitive automotive sector. India’s emergence as a pivotal EV market cannot be overstated, and the alliance between Hyundai, Kia, and Exide Energy signifies a robust commitment to this rapidly evolving landscape.
Image Source: Hyundai Official Website
