Motor vehicle manufacturing giants Hyundai Motors and Kia, on Monday, collaborated with Exide Energy Solutions, battery manufacturing firm to expand its electric vehicle (EV) plan in the Indian market.
Hyundai said the company is looking to localize its EV battery production focusing on lithium-iron-phosphate (LFP) cells. Additionally, installing domestically produced batteries in their upcoming EV models in the Indian market.
The automotive firm also said the deal was signed at Hyundai Motor Group’s Namyang Research and Development Center, in South Korea.
A year ago, Euisun Chung, Group Executive Chair visited India to review the company’s strategy, which lays the foundation for future growth and supports its leadership in the Indian market.
In early 2024, Hyundai Motors in collaboration with Kia launched Active Air Skirt (AAS) technology to minimize the aerodynamic resistance encountered during high-speed driving and improve the driving range as well as driving stability of electric vehicles (EVs).
“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, Head of Hyundai Motors.
“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,” added Yang.
Exide Industries subsidiary Exide Energy Solution specialises in the production of a wide range of lithium-ion cells, modules and packs incorporating a portfolio of multiple chemistries and form factors.
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