Saturday, June 22, 2024
HomeStartup NewsHyundai Motor and Kia Forge Strategic Partnership with Exide Energy for Electric...

Hyundai Motor and Kia Forge Strategic Partnership with Exide Energy for Electric Vehicle Battery Localization in India

Hyundai Motor Company (Hyundai Motor) and Kia Corporation (Kia) signed a Memorandum of Understanding (MOU) for strategic cooperation with Exide Energy Solutions Ltd. (Exide Energy), a leading Indian battery company, as part of their electric vehicle (EV) expansion plans.

Hyundai Motor Company (Hyundai Motor) and Kia Corporation (Kia) signed a Memorandum of Understanding (MOU) for strategic cooperation with Exide Energy Solutions Ltd. (Exide Energy), a leading Indian battery company, as part of their electric vehicle (EV) expansion plans.

The signing ceremony took place at Hyundai Motor Group’s Namyang Research and Development Center in South Korea, attended by Heui Won Yang, President and Head of Hyundai Motor and Kia’s R&D Division, Chang Hwan Kim, Head of Electrification Energy Solutions Tech Unit, Duk Gyo Jeong, Head of Electric Vehicle Parts Purchasing Sub-Division and Dr. Mandar V Deo, Managing Director, and CEO of Exide Energy.

Read also – MSMEDA and Kredit Join Forces to Infuse $2.1 Million Into SMEs in Egypt

With the expansion of their EV plans for the Indian market, Hyundai Motor and Kia aim to localize their EV battery production, specifically focusing on lithium-iron-phosphate (LFP) cells. This strategic move will position them as the pioneers in applying domestically produced batteries in their upcoming EV models in the Indian market.

“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,” said Heui Won Yang, President and Head of Hyundai Motor and Kia’s R&D Division. “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.”

Kolkata-based Exide Industries Ltd., a leading lead-acid battery supplier in India has over 75 years of experience and market leadership in lead-acid batteries. Exide Energy Solutions Ltd. is a wholly owned subsidiary company 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.

Read also – India-based Filter Capital secures the final close of the Maiden Fund at $100 million

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.

About Hyundai Motor Group

Hyundai Motor Group is a global enterprise that has created a value chain based on mobility, steel and construction, as well as logistics, finance, IT and service. With about 250,000 employees worldwide, the Group’s mobility brands include Hyundai, Kia and Genesis.

About Exide Energy

Exide Technologies serves the global markets with top notch battery technologies, know-how & added-value services under many well-known brands. As an original equipment manufacturer to leading automotive and industrial equipment manufacturers.

- Advertisement -
RELATED ARTICLES
- Advertisment -

Most Popular