New Delhi: Hyundai Motor and Kia signal MoU with Exide Power as a part of their electrical car (EV) growth plans. The signing ceremony happened at Hyundai Motor Group’s Namyang Analysis and Growth Middle in South Korea, attended by Heui Received Yang, President and Head of Hyundai Motor and Kia’s R&D Division, Chang Hwan Kim, Head of Electrification Power Options Tech Unit, Duk Gyo Jeong, Head of Electrical Car Components Buying Sub-Division and Dr. Mandar V Deo, Managing Director, and CEO of Exide Power.With the growth of their EV plans for the Indian market, Hyundai Motor and Kia goal to localize their EV battery manufacturing, particularly specializing in lithium-iron-phosphate (LFP) cells. This strategic transfer will place them because the pioneers in making use of domestically produced batteries of their upcoming EV fashions within the Indian market, the corporate mentioned in a media launch.
“India is a key marketplace for car electrification due partly to the federal government’s carbon neutrality targets, which makes securing price competitiveness by localized battery manufacturing essential,” Heui Received Yang, President and Head of Hyundai Motor and Kia’s R&D Division, mentioned. “By means of this world partnership with Exide Power Options Ltd., we are going to acquire a aggressive benefit by equipping Hyundai Motor and Kia’s future EV fashions within the Indian market with domestically produced batteries,” he added.
Kolkata-based Exide Industries Ltd., a number one lead-acid battery provider in India has over 75 years of expertise and market management in lead-acid batteries. Exide Power Options Ltd. is an entirely owned subsidiary firm of Exide Industries Ltd., which was established in 2022 to foray into the enterprise of producing Lithium-Ion cells, modules and packs incorporating a portfolio of a number of chemistries and kind components, the discharge mentioned.
This strategic cooperation with Exide Power marks the start of Hyundai Motor and Kia’s efforts to broaden its unique battery growth, manufacturing, provide and partnerships within the Indian market.
India is acknowledged as a extremely promising automotive market worldwide and the nation is quickly rising as a vital participant within the manufacturing and gross sales of EVs. Realizing the strategic significance of the Indian market, Hyundai Motor and Kia are taking the lead within the Indian market by introducing its EV fashions to determine itself because the frontrunner within the Indian automotive trade, the discharge added.
 cells. This strategic move will position them as the pioneers in applying domestically produced batteries in their upcoming EV models in the Indian market, the companies said.){kind=link}