Hyundai and Kia Collaborate with Exide Energy to Localize EV Battery Production in India

Hyundai Motor Company and Kia Corporation have inked a significant agreement with Exide Energy Solutions Ltd, an esteemed Indian battery company, to initiate the localization of electric vehicle (EV) batteries within India.

This strategic collaboration with Exide Energy marks the inception of Hyundai Motor and Kia's endeavor to expand their exclusive battery development, production, supply, and partnerships in the Indian market, as per a statement released by the companies.

The agreement was formalized at Hyundai Motor Group's Namyang Research and Development Center in South Korea.

In line with their ambitious EV plans for the Indian market, Hyundai Motor and Kia aspire to localize EV battery production, with a particular focus on lithium-iron-phosphate (LFP) cells.

Heui Won Yang, President and Head of Hyundai Motor and Kia's R&D Division, expressed, "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."

Exide Industries Ltd, headquartered in Kolkata, is a premier lead-acid battery supplier in India with over 75 years of experience and market leadership in lead-acid batteries. Established in 2022, Exide Energy Solutions Ltd, a wholly-owned subsidiary of Exide Industries, specializes in the manufacturing of Lithium-Ion cells, modules, and packs, encompassing a diverse portfolio of multiple chemistries and form factors.

India's burgeoning automotive market is gaining recognition globally, especially in the realm of EV production and sales. Hyundai Motor and Kia are gearing up to introduce more EV models to the Indian market. Currently, Hyundai offers two electric vehicles – the Kona Electric and the Ioniq 5, with close to 2,000 units sold in 2023, while Kia sold approximately 500 electric cars.

Hyundai has disclosed plans to introduce five EV models in India by 2032 and expand the network of EV charging stations to over 430 by 2027, leveraging the robust infrastructure of the company's sales network.

In a commitment to bolster India's electric vehicle ecosystem, Hyundai has pledged to invest more than ₹26,000 crore in the country, encompassing initiatives ranging from electric vehicle manufacturing, charging infrastructure development, research and development, and skill enhancement, among others.

HBL