Hyundai Motors India inks pact with Exide for EV battery cells

20 Dec 2024 , 07:23 AM

Hyundai Motor India Ltd. is on pace to become the first Indian carmaker to use locally produced battery cells in its electric vehicles. The company reached this milestone after signing a binding term agreement with Exide Industries Ltd.’s subsidiary, Exide Energy Solutions Ltd.

The arrangement includes the development and supply of lithium-iron-phosphate (LFP) battery cells for Hyundai’s electric vehicles aimed for the Indian market.

This collaboration is especially noteworthy since it allows Hyundai to localise its battery procurement, improving cost competitiveness and contributing to India’s carbon-neutral aspirations.

Heui Won Yang, head of Hyundai and Kia’s R&D division, stated that India’s position as a key market for vehicle electrification necessitates localised manufacture.

He continued, “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 more than 10,000 charging cycles, greatly exceeding the average 1,000-2,300 cycles provided by standard lithium-ion batteries. This agreement is part of Hyundai’s ongoing aim to invest in India’s EV infrastructure and localize its manufacturing processes.

For feedback and suggestions, write to us at [e-mail]