Shares of Exide Industries surged over 12% on April 8 after Hyundai and Kia joined hands with Exide Energy Solutions for EV battery localisation in India.
South Korean auto giants Hyundai Motor Company and Kia Corporation have announced a significant partnership with Indian battery manufacturer Exide Energy Solutions Ltd for localising electric vehicle (EV) battery production in India.
In a Memorandum of Understanding (MOU) signed between Hyundai Motor Group and Exide Energy Solutions Ltd, the companies aim to localise EV battery production, specifically focusing on lithium-iron-phosphate (LFP) cells, as part of their expansion plans for the Indian EV market.
As of 12:16 pm the shares were trading 12.16% higher at ₹361.00
Highlighting the importance of India as a key market for vehicle electrification, Heui Won Yang, President and Head of Hyundai Motor and Kia’s R&D Division, emphasized the significance of securing cost competitiveness through localised battery production in line with the government’s carbon neutrality goals.
Yang expressed optimism about gaining a competitive advantage through the global partnership with Exide Energy Solutions Ltd, stating that equipping Hyundai and Kia’s future EV models in the Indian market with locally produced batteries will contribute to their success and growth in the region.