April 12, 2024: South Korean car firm, Hyundai Motor and subsidiary Kia signed a memorandum of understanding on April 8 for strategic cooperation with Exide Energy, the Indian battery company, as part of their EV expansion plans.

Hyundai and Kia aim to localize their EV battery production, specifically focusing on LFP cells. This should position them as pioneers, they said, in applying domestically produced batteries in their upcoming EV models in the Indian market.

“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,” says Heui Won Yang.  

“This partnership will win us a competitive advantage by equipping Hyundai Motor and Kia’s future EV models in the Indian market with locally produced batteries.”

The signing ceremony took place at Hyundai’s Namyang Research and Development Center in South Korea and was attended by Heui Won Yang, president and head of Hyundai and Kia’s R&D division, Chang Hwan Kim, head of electrification Energy Solutions Tech Unit and Mandar Deo, managing director, and CEO of Exide Energy.