Hyundai Motor Company and Kia Corporation have inked a Memorandum of Understanding (MOU) with Exide Energy Solutions Ltd, heralding a new era in EV battery localisation in one of the world's most promising automotive markets. The MOU signing, a momentous occasion at Hyundai Motor Group’s Namyang Research and Development Centre in South Korea, saw the convergence of industry luminaries including Heui Won Yang, President and Head of Hyundai Motor and Kia’s R&D Division, and Dr Mandar V Deo, Managing Director and CEO of Exide Energy.
This partnership is set to revolutionise the Indian EV landscape, with Hyundai Motor and Kia strategically aligning with Exide Energy to harness locally produced lithium-iron-phosphate (LFP) batteries, marking a pivotal shift towards reducing dependency on imported battery components. The localisation strategy not only aligns with India's carbon neutrality ambitions but also promises enhanced cost competitiveness for the automakers.
Exide Energy, a subsidiary of the storied Exide Industries Ltd, brings to the table a rich legacy of over 75 years in battery technology, now pivoting towards the domain of Lithium-Ion cell manufacturing.
Heui Won Yang, articulating the vision behind this partnership, emphasised the criticality of localising battery production to gain a competitive edge in the Indian market, acknowledging India's pivotal role in Hyundai and Kia's global electrification strategy. The initiative is not just a business strategy; it's a commitment to fostering sustainable mobility solutions that resonate with India's environmental goals.
This strategic alliance with Exide Energy marks the onset of Hyundai Motor and Kia's ambitious journey to dominate India's EV segment, signalling their resolve to not just participate but lead the transition towards a greener automotive ecosystem. By integrating domestically manufactured batteries into their future EV models, Hyundai and Kia are setting a precedent, promising a future where electric mobility is both accessible and sustainable.
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