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Hyundai Motor and Kia Motors aim to expand their electric vehicle business in India. For this plan, the South Korean automakers forged a strategic partnership with India-based Exide Energy Solutions Ltd., which designs, develops, and manufactures lithium-ion cells and battery pack solutions for various energy storage applications in automotive and industrial industries.
With India’s rapidly growing EV market today, Hyundai Motor and Kia will grab the opportunity to infiltrate that market while developing their business further in the country. Moreover, to strengthen their ties in the region, the companies signed a memorandum of understanding (MOU) with Exide Energy on Monday, April 8.
EV Battery Localization in India
This partnership with Exide Energy marks the inception of Hyundai and Kia’s initiative to branch out its exclusive development and production of EV batteries in the Indian market. According to Quartz, the MOU includes an agreement for the supply of batteries for the car manufacturers’ electric vehicle models.
Under their contract, Hyundai, Kia, and Exide Energy also agreed to localize EV battery manufacturing in the region. The Korean sister firms explained their goal is to localize their production, which will focus on lithium-iron-phosphate cells (LFP) since this is cheaper to make and offers a longer lifespan. The companies said it also has a lower risk of exploding compared to others.
Plans for EV Launch in India
Meanwhile, Kia is planning to release three electric vehicles, including the Carens compact EV and the EV9 SUV models. Kia’s chief, Ho Sung Song, recently said the SUV is coming to the Indian market this year, and the other two EVs have no release date yet. As for Hyundai, it is aiming to launch five EVs by 2032.
“India is a key market for vehicle electrification due in part to the government’s carbon neutrality goals, which makes securing cost competitiveness through localized battery production crucial,” Hyundai Motor and Kia’s president and head of the R&D unit, Heui Won Yang, said in a press release. “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.”
Photo by: Hyundai Motor Press Release
