Hyundai & Kia join hands with Exide Energy to localise EV battery production
Hyundai Motor Company and Kia Corporation (Kia) have signed a Memorandum of Understanding (MoU) with Exide Energy Solutions Ltd. (Exide Energy) as part of their electric vehicle (EV) expansion plans. Meanwhile, the meeting took place at the Hyundai Motor Group's Namyang Research and Development Centre in South Korea.
The partnership aims to localise EV battery production in India, especially lithium-iron-phosphate (LFP) cells. This strategic move positions Hyundai Motor and Kia as pioneers in utilising domestically produced batteries for their upcoming EV models in the Indian market.
This strategic cooperation of Hyundai and Kia with Exide Energy marks the beginning of their plans to expand battery development, production, supply, and partnerships in the Indian market.
Hyundai Motor intends to invest about $2.4 billion for the next 10 years, which will involve a plan to introduce six new electric vehicles in 2028 and set up new charging stations. On the flip side, Kia plans to introduce locally built EVs for the market starting from the next year.
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