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Private Sector | West Bengal - India | PID: 202758
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Hyundai Motor Company and Group firm Kia Corporation have signed a memorandum of understanding (MOU) with battery maker Exide Energy Solutions (EESL) to localise electric vehicle batteries in India.
The focus of the partnership is on lithium-iron-phosphate (LFP) cells in line aligned to the expansion of their EV plans for the Indian market. The move will give the companies a strategic positioning, competitive advantage in applying domestically produced batteries in their upcoming EV models in the Indian market. The collaboration will help expand the exclusive battery development, production, supply as well as partnerships.
Hyundai Motor India plans to launch its high-volume EV model in 2025, and the company currently sells IONIQ5 and Kona in the EV segment. On the other hand Kia India sells the EV6 model.
EESL is a wholly-owned subsidiary of Kolkata-based Exide Industries, and was established in 2022 to foray into the business of manufacturing Lithium-ion cells, modules and packs, incorporating multiple chemistries and form factors.
| Updated on: 16 - Apr - 2024
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