As the EV plan map is opening new roads in the Indian automobile market, Hyundai and Kia plan to localize their EV battery production. They plan to focus on lithium-ion phosphate cells and make a strategic move by focusing on the domestic market. This will help them create a base for their upcoming EV models in India’s automobile market.
Having signed the MoU with Exide Energy, Hyundai Motors and Kia have become part of the electric vehicle expansion plan. This strategic ceremony was held at Hyundai Motor Group’s Namyang Research and Development Center in South Korea. India, being the key market for vehicle electrification, is part of the government’s carbon neutrality goals. This will secure cost-competitiveness as the batteries will be locally produced.
This global partnership with Excide Energy Solution Ltd. will give a competitive advantage to Hyundai Motors and Kia’s future EV models that will be introduced in the Indian market.
Talking about the Kolkata-based Exide Industry Ltd., it’s been the market leader in lead acid battery supply for 75 years in India. Exide Energy Solution Ltd. is the subsidary company that was formed in 2022. Its main purpose is to focus on the business of manufacturing lithium-ion cells, modules, and packs, incorporating a portfolio of multiple chemistries and form factors.
To lead the automobile industry, Hyundai Motors and Kia planned this strategic move so that when they introduce their EV models, they will become the frontrunners in India. This effort will lead to the expansion of its exclusive battery’s development, production, supply, and partnership.
