Exide Industries Limited, the largest manufacturer of lead-acid storage batteries and power storage solutions provider in India has announced a remarkable partnership with South Korean auto giants Hyundai Motor Company and Kia Corporation.
The collaboration aims to localize EV battery production, specifically focusing on lithium-iron-phosphate (LFP) cells, which are crucial for the expansion of their EV plans in the Indian market. Soon after this major announcement, the market witnessed a peculiar 13 percent surge during Monday's intraday trading session, reaching a record high of ₹363.35.
Hyundai and Kia hope to become leaders in the use of locally made batteries in India by bringing EV battery manufacture in-house for their next generation of EV vehicles. This is a calculated decision that puts them in a favorable position within the changing Indian EV market while also improving their cost competitiveness and conforming to the government's carbon neutrality aspirations.
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Heui Won Yang, President and Head of Hyundai Motor and Kia's R&D Division, emphasized the significance of localized battery production for gaining a competitive edge in the Indian market. The partnership with Exide Energy Solutions Ltd signifies the beginning of Hyundai and Kia's efforts to expand their exclusive battery development, production, supply, and partnerships in India.
Hyundai Motor India has set its sights on launching a high-volume EV model in 2025, building upon its current offerings of IONIQ5 and Kona in the EV segment. Meanwhile, Kia India is actively selling the EV6 model, showcasing a commitment to the growing EV market in India.
In 2022, Exide Energy Solutions (EES), a division of Exide Industries Ltd. with more than 75 years of lead-acid battery manufacturing experience, started producing lithium-ion cells, modules, and packs. Their dedication to developing battery technology and keeping up with the transition to electric mobility is highlighted by this diversity.
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