- Hyundai Motor Firm and Kia Company signal MOU with Exide Vitality Options Ltd. for strategic cooperation in India’s EV market
- Partnership with Exide Vitality permits Hyundai Motor and Kia to equip future EVs within the Indian market with regionally produced LFP batteries
- Strategic collaboration with Exide Vitality marks the start of Hyundai Motor and Kia’s growth in India’s battery improvement and manufacturing market
Hyundai Motor Firm (Hyundai Motor) and Kia Company (Kia) signed a Memorandum of Understanding (MOU) for strategic cooperation with Exide Vitality Options Ltd. (Exide Vitality), a number one Indian battery firm, as a part of their electrical car (EV) growth plans.
The signing ceremony passed off at Hyundai Motor Group’s Namyang Analysis and Improvement Heart 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 Vitality 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 Vitality.
With the growth of their EV plans for the Indian market, Hyundai Motor and Kia intention 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.
“India is a key marketplace for car electrification due partially to the federal government’s carbon neutrality targets, which makes securing value competitiveness via localized battery manufacturing essential,” mentioned Heui Received Yang, President and Head of Hyundai Motor and Kia’s R&D Division. “By this world partnership with Exide Vitality 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 regionally produced batteries.”
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 Vitality Options Ltd. is an entirely owned subsidiary firm of Exide Industries Ltd., which was established in 2022 to foray into the enterprise of producing of Lithium-Ion cells, modules and packs incorporating a portfolio of a number of chemistries and type components.
This strategic cooperation with Exide Vitality marks the start of Hyundai Motor and Kia’s efforts to develop its unique battery improvement, 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 crucial 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 ascertain itself because the frontrunner within the Indian automotive business.
