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The agreement covers the production and supply of lithium-iron-phosphate (LFP) battery cells for Hyundai’s electric vehicles targeting the Indian market.
This partnership is particularly significant as it helps Hyundai localise its battery sourcing, ensuring greater cost competitiveness and contributing to India’s carbon-neutrality goals.
Heui Won Yang, head of Hyundai and Kia’s R&D division, noted that India’s importance as a key market for vehicle electrification makes localised production crucial.
He added, “Through this global partnership with Exide Energy Solutions Ltd., we’ll gain a competitive advantage by equipping Hyundai Motor and Kia’s future EV models in the Indian market with locally produced batteries.”
The LFP cells will support over 10,000 charging cycles, far surpassing the typical 1,000–2,300 cycles offered by regular lithium-ion batteries. This partnership is part of Hyundai’s ongoing strategy to invest in India’s EV infrastructure and further localise its production processes.
Also read: Hyundai reappoints Unsoo Kim as MD for 3 years starting Jan 25
Shares of Hyundai India closed 0.15% lower, while Exide Industries fell 1.07%, against the backdrop of a 1.2% decline in the benchmark Sensex.
