Hyundai Motor Company and Kia Corporation have partnered with Exide Energy Solutions Limited to localise the production of electric vehicle (EV) batteries in line with their EV expansion strategies for the Indian market. Hyundai Motor and Kia are targeting the localisation of their EV battery manufacturing, with a particular emphasis on lithium-iron-phosphate cells. This strategic decision aims to establish them as leaders in utilising domestically manufactured batteries for their future EV models in the Indian market.
Exide Industries Limited, headquartered in Kolkata, boasts over 75 years of expertise and market dominance in lead-acid batteries. Exide Energy Solutions, a wholly owned subsidiary of Exide Industries Limited, was founded in 2022 to venture into manufacturing lithium-ion cells, modules, and packs. This expansion includes a range of chemistries and form factors.
In July 2022, a lease-cum-sale contract was signed between Exide Energy Solutions and Karnataka Industrial Area Development Board to acquire an 80-acre land in Bengaluru.
