(MENAFN- KNN India) Chennai, Apr 9 (KNN) Hyundai Motor Co. and Kia Corporation are accelerating their electric vehicle plans in the promising Indian market.
The Korean automakers have entered into an agreement with Exide Energy Solutions Ltd., a subsidiary of Exide Industries Ltd., to localise the production of EV batteries in India.
The partnership will enable Hyundai and Kia to equip their future electric vehicles sold in India with locally-produced lithium-iron-phosphate (LFP) battery cells.
Exide Energy Solutions, established in 2022, will manufacture these LFP cells, modules, and battery packs incorporating various chemistries and form factors.
This strategic cooperation marks the beginning of Hyundai and Kia's efforts to expand their exclusive battery development, production, supply chain, and partnerships specifically for the Indian market.
India is rapidly emerging as a critical player in the production and sales of electric vehicles worldwide.
Recognising the strategic importance of the Indian automotive market, Hyundai and Kia are taking the lead by introducing their EV models to establish themselves as frontrunners in the Indian industry.
The localisation of EV battery production is a significant step in their plans to capture a substantial share of the promising Indian EV market.
(KNN Bureau)
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