SEOUL, April 8, 2024 – In a groundbreaking move to bolster their electric vehicle (EV) footprint in India, Hyundai Motor Company and Kia Corporation have officially allied with Exide Energy Solutions Ltd., igniting a strategic collaboration aimed at driving the future of eco-friendly mobility in one of the world’s fastest-growing automotive markets. This partnership, cemented through a Memorandum of Understanding (MOU), heralds a new era of locally produced lithium-iron-phosphate (LFP) batteries powering Hyundai and Kia’s next-gen EVs on Indian streets.
The alliance was formalized at a signing ceremony at Hyundai Motor Group’s Namyang Research and Development Center in South Korea, drawing industry leaders such as Heui Won Yang, President and Head of Hyundai Motor and Kia’s R&D Division, alongside Dr. Mandar V Deo, Managing Director, and CEO of Exide Energy, among others. This union marks a significant leap towards Hyundai Motor and Kia’s commitment to pioneering the integration of domestically manufactured batteries into their upcoming EV models targeted at the Indian market.
“India’s push for vehicle electrification, aligned with its carbon neutrality ambitions, underscores the critical need for cost-effective, localized battery production,” stated Heui Won Yang. “Our collaboration with Exide Energy Solutions Ltd. propels us towards achieving a competitive edge, ensuring our future EV offerings are powered by batteries made in India, for India.”
Exide Energy, a subsidiary of the storied Exide Industries Ltd., renowned for its leadership in the lead-acid battery domain, has embarked on a new journey with its foray into Lithium-Ion cell, module, and pack manufacturing. This venture is set to diversify its portfolio with multiple chemistries and form factors, aligning perfectly with Hyundai Motor and Kia’s innovative vision for the EV market.
This strategic cooperation not only underscores Hyundai Motor and Kia’s commitment to expanding their battery development and production capabilities within India but also positions them as frontrunners in the Indian EV industry, ready to meet the growing demand for sustainable and efficient transportation solutions.
With India rapidly advancing as a pivotal market in the global automotive landscape, especially in the EV segment, this partnership is a testament to Hyundai Motor and Kia’s foresight in establishing a sustainable, eco-friendly footprint in the Indian automotive market, driving towards a greener, more electrified future.
