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HYUNDAI MOTOR & KIA FORGE STRATEGIC P'SHIP WITH EXIDE ENERGY FOR EV BATTERY PRODUCTION IN INDIA
The Business Guardian
|April 09, 2024
Exide Industries surged 13% to hit a record high of INR 363.35 after South Korean auto giants Hyundai Motor Company and Kia Corporation announced a partnership with Exide Energy Solutions Ltd, a subsidiary of Exide Industries for electric vehicle battery localisation in India.
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"Hyundai Motor Company (Hyundai Motor) and Kia Corporation (Kia) have inked a Memorandum of Understanding (MoU) with Exide Energy Solutions Ltd (Exide Energy), a prominent Indian battery firm, as a strategic collaboration in line with their electric vehicle (EV) expansion strategies. The signing event occurred at Hyundai Motor Group's Namyang Research and Development Center in South Korea.
With the expansion of their EV plans for the Indian market, Hyundai Motor and Kia aim to localize their EV battery production, specifically focusing on lithium-iron-phosphate (LFP) cells.
As per a release, this strategic move will position them as the pioneers in applying domestically produced batteries in their upcoming EV models in the Indian market.
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