Hyundai Motor Company (HMC) and group firm Kia Corporation have signed a Memorandum of Understanding (MOU) with Exide Energy Solutions Ltd (EES) for electric vehicle battery localisation in India.
(EES is a wholly-owned subsidiary of Exide Industries. It was established in 2022 to foray into the business of manufacturing Lithium-ion cells, modules and packs incorporating a portfolio of multiple chemistries and form factors)
- The focus of the partnership would be on lithium-iron-phosphate (LFP) cells; in line with the expansion of HMC and KIa’s EV plans for the Indian market.
- HMC has already announced that it plans to launch a high-volume EV model in 2025. The company currently sells IONIQ5 and Kona in the EV segment. On the other hand Kia India sells the EV6 model.
Hyundai are Kia are strong players in the Indian car segment and are expected to continue to do well. Exide’s partnership with them is surely a step in the right direction.