Hyundai and Kia are known to offer the best value for money possible to their customers, and localising EV battery manufacturing would go a long way towards achieving that. To achieve this, Hyundai and Kia have signed an MoU with Exide Energy, one of the largest producers of automotive batteries in India and OEM supplier to most major manufacturers.
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 Dr Mandar V Deo, Managing Director, and CEO of Exide Energy, all gathered at Hyundai Motor Group’s Namyang Research and Development Center in South Korea for the signing ceremony.
Heui Won Yang, President and Head of Hyundai Motor and Kia’s R&D Division, said, ‘India is a key market for vehicle electrification due in part to the government’s carbon neutrality goals, which makes securing cost competitiveness through localised battery production crucial, 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.’
Hyundai and Kia have big EV plans for our market, and localising production of lithium-iron-phosphate (LFP) will make the Korean carmakers the first to apply domestically produced batteries in their EVs. Kolkata-based Exide Industries Ltd, have over 75 years of experience and market leadership in lead-acid batteries. Exide Energy Solutions Ltd are a wholly-owned subsidiary of Exide Industries Ltd, established in 2022 to venture into the business of manufacturing lithium-ion cells and other products associated with electric vehicles.
