Hyundai Motor Company (Hyundai Motor) and Kia Corporation (Kia) has announced that the automotive giants have signed Kolkata-based Exide Energy Solutions Ltd. Under the strategic partnership, Exide Energy Solutions Ltd. which is a wholly owned subsidiary company of Exide Industries Ltd., will be the part Hyundai and Kia’s electric vehicle (EV) expansion plans.
Exide Energy Solutions
Exide Energy Solution manufactures Lithium-Ion cells, modules and battery packs. Furthermore, the company offers a wide portfolio of multiple chemistries and form factors in the EV battery industry. In partnership with Exide, Hyundai and Kia will expand their exclusive battery development, production, supply and partnerships in the Indian market.
Exide Industries Ltd., is a leading lead-acid battery supplier in India with over 75 years of experience. The market leader in lead-acid batteries established Exide Energy Solutions Ltd. in 2022. to foray into the manufacturing of Lithium-Ion cells. India is not only having to cope with EV demand in the domestic market, is a highly promising automotive market worldwide. The country is emerging not only as a consumer of EVs but also as a producer.
LFP Batteries to be Locally Produced in India
With locally manufactured batteries, EV production in India will be more affordable for manufacturers, and the benefits can then be passed on to the customer. Hyundai Motor and Kia aim to localize their EV battery production. The companies are specifically focusing on lithium-iron-phosphate (LFP) cells. Thanks to this, strategic move domestically produced batteries in their upcoming EV models in the Indian market.
By introducing locally produced batteries and electric vehicles, Hyundai and Kia will be able to become the frontrunners in the Indian EV industry. The more affordable electric vehicles from the brand, will also help boost electric vehicle adoption in the country.
Currently, Hyundai is offering the Kona Electric and IONIQ 5 in the Indian market. Kia offers the EV6 electric vehicle in the Indian market.
Also Read: Tesla planning new Model 2 EV for Indian market
