• Hyundai Motor Company and Kia Corporation sign MOU with Exide Energy Solutions Ltd. for strategic cooperation in India’s EV market
• Partnership with Exide Energy enables Hyundai Motor and Kia to equip future EVs in the Indian market with locally produced LFP batteries
• Strategic collaboration with Exide Energy marks the beginning of Hyundai Motor and Kia’s expansion in India’s battery development and production market
SEOUL, April 8, 2024 – 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 Mandar V Deo, Managing Director and CEO of Exide Energy.
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, we will gain a competitive advantage by equipping Hyundai Motor and Kia’s future EV models in the Indian market with locally produced batteries.”
With over 75 years of experience in the lead-acid battery industry, Kolkata-based Exide Industries Ltd. is the leading battery supplier in India. In 2022, Exide Energy was established to expand its business portfolio into the automotive battery industry.
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.
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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. Armed with creative thinking, cooperative communication and the will to take on any challenges, we strive to create a better future for all.
More information about Hyundai Motor Group can be found at: http://www.hyundaimotorgroup.com or Newsroom: Media Hub by Hyundai, Kia Global Media Center (kianewscenter.com), Genesis Newsroom.
Contact:
Seohyeon Kim
Global PR Strategy & Planning / Hyundai Motor Group
seohyeon.kim@hyundai.com
