KEY HIGHLIGHTS
- Hyundai & KIA signed an MoU with Exide Energies for the localization of EV batteries
- Both brands will equip future EVs with locally manufactured batteries
- The partnership will focus on locally produced LFP battery cells
Hyundai Motor Company and KIA Corporation have formed a strategic partnership with Exide Energy Solutions Ltd. for their EV expansion plan. The brand have signed Memorandum of Understanding (MoU) with Exide Energy for the development of LFP batteries for new Hyundai & KIA electric vehicles. Read details of the new partnership below. Meanwhile, join our 91Wheels WhatsApp Group for all the latest automotive updates.
Also Read: Mahindra XUV 3XO Teased Again - Here's Everything We Know So Far
Hyundai-KIA To Localise EV Battery Manufacturing
The new partnership signing ceremony took place in Hyundai Motor Company's R&D Centre in Namyang, South Korea. Hyundai Motor Company & KIA Corporation are looking for expansion plans for electric vehicles in India. With the help of new partnership with Exide Energy both the brands will be able to localize the EV battery production. The main focus will be on the lithium-iron-phosphate (LFP) battery cells.
This strategic move will enable both carmakers to domestizised batteries and to keep the cost of upcoming EVs low. Exide Energy will help Hyundai & KIA to expand its battery development & production in India.
Hyundai & KIA EV Lineup In India
Currently, Hyundai & KIA offers a limited number of electric vehicles in the Indian market. Hyundai currently offers the KONA & IONIQ 5 electric in its EV lineup in India, on the other hand KIA only have the EV6. However, Hyundai is eyeing on mass market EVs for the Indian market and the test mule of Hyundai Creta EV has been spotted several times in India. It is expected to be the first mass market Hyundai EV in the Indian market.
Also Read: Kia Carens EV Arriving In 2025: Officially Confirmed!
Verdict
India is a highly promising automotive market and new as well as established automakers are planning to tap in the growing Indian EV market. With this new strategic partnership Hyundai & KIA will get a good hold in the battery development for the EVs in India.
