Hyundai and Kia have joined hands with Exide Energy to manufacture LFP batteries for electric cars in India. Exide has been a market leader in India with its lead-acid batteries for over 75 years. Established in 2022, Exide Energy Solutions Ltd. is a wholly owned subsidiary company of Exide Industries Ltd. With this vertical, Exide Energy will focus on the business of the manufacturing of Li-ion cells, modules along with multiple chemistries and form factors. Let us take a look at the details here.
Hyundai and Kia Join Hands with Exide Energy
The official press release from Hyundai Motor Company mentions that the two companies signed an MoU for strategic cooperation at Hyundai’s Namyang R&D centre in South Korea. The President and Head of Hyundai Motor and Kia’s R&D Division, Heui Won Yang, 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. Through this global partnership with Exide Energy Solutions Ltd., we will gain a competitive advantage by equipping Hyundai Motor and Kia’s future EV models in the Indian market with locally produced batteries.”
Representing the Kolkata-based Exide Energy was the Managing Director, and CEO of Exide Energy, Dr. Mandar V Deo. In Hyundai Group’s corner were Mr. Heui Wan Yang, Mr. Chang Hwan Kim (Head of Electrification Energy Solutions Tech Unit) and Mr. Duk Gyo Jeong (Head of the Electric Vehicle Parts Purchasing Sub-Division). This marks the beginning of a new era which will consist of world-class electric vehicles from Hyundai and LFP batteries from Exide. The aim is to mass produce EV at more attractive price points.
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Author’s Note
Electric revolution is upon us and the Indian automobile industry is still at a nascent stage. Hence, there is a huge scope for exponential growth. In such times, carmakers are striking deals with battery manufacturing companies to secure their future in this EV race. Hyundai Motor Group is already ahead of many of its rivals in the international markets. Even in India, it offers the Ioniq 5 and Kona EV. Going forward, we are likely to get the Creta EV and Ioniq 6 as well. Under its Kia brand, there is the EV6 while the EV9 is testing rigorously on our roads. Let us keep an eye out for further developments in this regard.
