Hyundai Motor, Kia enter into pact with Exide Energy for EV battery localisation in India

The signing ceremony took place at HMC’s Namyang R&D Centre in South Korea, which was attended by senior officials from Hyundai Motor, Kia Corporation and Exide Energy. | Photo Credit: Special Arrangement

Hyundai Motor Co. and Kia Corporation announced that they have entered into a pact with Exide Energy Solutions Ltd. for localisation of electric vehicle batteries in India.

The partnership with Exide Energy enables Hyundai Motor and Kia to equip future EVs in the Indian market with locally-produced lithium-iron-phosphate (LFP) cells, said the Korean carmaker in a statement.

Exide Energy Solutions Ltd. is a wholly owned subsidiary of Exide Industries Ltd., which was established in 2022 to foray into the business of manufacturing of Lithium-Ion cells, modules and packs incorporating a portfolio of multiple chemistries and form factors.

This strategic cooperation with Exide Energy marks the beginning of Hyundai Motor and Kia’s efforts to expand its exclusive battery development, production, supply and partnerships in the Indian market.

India is recognized as a highly promising automotive market worldwide and the country is rapidly emerging as a critical player in the production and sales of EVs. Realizing the strategic importance of the Indian market, Hyundai Motor and Kia are taking the lead in the Indian market by introducing its EV models to establish itself as the frontrunner in the Indian automotive industry, HMC said.

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