[TusharK]

Hyundai Motor Company and Kia Corporation have signed a Memorandum of Understanding (MoU) with Exide Energy Solutions Ltd. to locally produce LFP batteries for EVs in India.



Hyundai and Kia aim to localize their EV battery production, specifically focusing on lithium-ion-phosphate (LFP) cells. The locally produced batteries will power their upcoming EV models in the Indian market.

The Kolkata-based Exide Industries Ltd. has been a major lead-acid battery supplier in India over the past 75 years. Exide Energy Solutions Ltd. is a wholly-owned subsidiary, established in 2022. The company produces lithium-ion cells, modules and packs incorporating multiple chemistries and form factors.

Heui Won Yang, President and Head of Hyundai Motor and Kia’s R&D Division, said, “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.”

Link to Team-BHP News

[white_wolf]

Huge win for Exide. It would be interesting to see if they manufacture only batteries or are actually able to localise cell production in India in the foreseeable future.