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regular-article-logo Tuesday, 25 June 2024

Hyundai Motor Company, Kia Corporation sign pact with Exide Energy Solutions in EV battery deal

Hyundai Motor Company and group firm Kia Corporation have signed a Memorandum of Understanding with Exide Energy Solutions Ltd, a leading Indian battery company, as part of their electric vehicle (EV) expansion plans, Hyundai Motor Group said in a statement

Our Special Correspondent New Delhi Published 09.04.24, 09:47 AM
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South Korean auto majors Hyundai Motor Company and Kia Corporation on Monday announced a partnership with homegrown battery maker Exide Energy Solutions Ltd for electric vehicle battery localisation in India.

Hyundai Motor Company and group firm Kia Corporation have signed a Memorandum of Understanding with Exide Energy Solutions Ltd, a leading Indian battery company, as part of their electric vehicle (EV) expansion plans, Hyundai Motor Group said in a statement.

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Hyundai Motor and Kia aim to localise their EV battery production, specifically focusing on lithium-iron-phosphate (LFP) cells in line with the expansion of their EV plans for the Indian market, it added.

“This strategic move will position them as the pioneers in applying domestically produced batteries in their upcoming EV models in the Indian market,” the statement 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, said Heui Won Yang, president and head of Hyundai Motor and Kia’s R&D Division.

“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,” Yang added.

Hyundai Motor Group said the 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.

Hyundai Motor India has already announced that it plans to launch its high-volume EV model in 2025. The company sells the IONIQ5 and the Kona in the EV segment. Kia India sells the EV6 model.

Exide Energy Solutions (EES) is a wholly-owned subsidiary of Calcutta-based Exide Industries Ltd, a leading lead-acid battery supplier in India with over 75 years of experience and market leadership in lead-acid batteries.

Adani plan

A unit of a joint venture between the Adani group and French energy giant TotalEnergies will set up EV charging stations at new MG dealerships.

Adani TotalEnergies E-Mobility Limited, a wholly-owned subsidiary of Adani Total Gas Limited, and MG Motor India signed the MoU.

ATEL will set up CC2 60 kW DC chargers at upcoming MG dealerships.

The partnership will cover supply, installation, operations and maintenance of charging infrastructure.

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