Hyundai Motor Company (Hyundai Motor) and Kia Corporation (Kia) signed a memorandum of association for strategic cooperation with Exide Energy Solutions as part of an electric vehicle expansion programme in India.
With the expansion in India, Hyundai Motor and Kia aim to localize their EV production, specifically focusing on lithium-iron-phosphate (LFP) cells. This strategic move will position the firm as one of the pioneers in applying domestically produced batteries in the upcoming EV 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.”
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.
Exide Energy Solutions
Exide Energy Solutions is a wholly owned subsidiary of Exide Industries Ltd. Established in 2022 in the business of manufacturing Lithium-Ion cells. Exide Industries is a Kolkata-based firm, a leading lead-acid battery supplier in India. 
The share price reacted positively for Exide Industries Ltd. Surged to Rs. 383.50 to a 52-week high. On money control based on the ratings by 23 analysts, 39% recommend to buying the share and 22% claim the share has outperformed.
