Hyundai Motor Company (Hyundai) and Kia Corporation (Kia) have signed a Memorandum of Understanding (MOU) for strategic cooperation with Indian battery company Exide Energy Solutions Ltd. (Exide Energy) as part of their electric vehicle (EV) expansion plans.
The signing ceremony took place at Hyundai’s Namyang Research and Development Center in South Korea and marks the beginning of Hyundai and Kia’s expansion in India’s battery development and production market.
With the expansion of their EV plans for the Indian market, Hyundai and Kia aim to localise their EV battery production, specifically focusing on lithium-iron-phosphate cells.
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The MOU, whilst not legally binding, seeks to expedite cooperation between Indian battery manufacturers and the motor companies.
President and head of Hyundai and Kia’s R&D Division, Heui Won Yang, said: “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.
“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.”
Achievements and innovations in EV charging infrastructure will be celebrated at the third annual CiTTi Awards, which will be held on 26 November 2024 at De Vere Grand Connaught Rooms in London. Nominations are open now! Please visit www.cittiawards.co.uk to learn more about this unmissable event for the UK’s transportation sector.
