By One of the major hurdles for electric vehicles is the price of battery, which is why most of these models are priced at a premium compared to their ICE alternatives. Hyundai Motor Company and Kia Corporation have taken a significant stride towards bolstering their presence in the burgeoning electric vehicle (EV) market in India. Through a strategic partnership with Exide Energy Solutions Ltd., a subsidiary of Exide Industries Ltd., the automotive giants have set their sights on localizing the production of lithium-ion-phosphate (LFP) batteries, a crucial component for their EV offerings in the Indian market.
This move underscores Hyundai and Kia’s commitment to aligning with India’s evolving automotive landscape, characterized by a growing emphasis on sustainable mobility and carbon neutrality. By harnessing Exide’s expertise and local manufacturing capabilities, both companies aim to not only meet the surging demand for electric vehicles but also ensure cost competitiveness in a rapidly evolving market. Exide Industries Ltd., with its extensive experience spanning over seven decades as a leading provider of lead-acid batteries in India, brings invaluable insights and infrastructure to the table.
Through its subsidiary, Exide Energy Solutions Ltd., established in 2022, the company has ventured into the production of advanced lithium-ion cells, modules, and packs, catering to diverse chemistries and form factors. Heui Won Yang, President and Head of Hyundai Motor and Kia’s R&D Division, highlighted the strategic importance of India in the global push for vehicle electrification. He emphasized the pivotal role of localized battery production in realizing the shared vision of achieving carbon neutrality, a goal championed by the Indian government.
