Taking an important step towards building electric vehicles (EV) in India, Hyundai Motor Company and Kia Corporation have partnered with Exide Energy Solutions to source locally-produced EV batteries. The Memorandum of Understanding (MOU) signed between the companies is centred around the sourcing of made-in-India lithium-ferro-phosphate (LFP) batteries, which will be at the heart of future Hyundai and Kia EVs, in the coming years.
With this announcement, the Hyundai Group has effectively confirmed that LFP chemistry will be central to its future electric vehicle strategy for the Indian market. So far, the two battery electric vehicles Hyundai has launched so far, the Kona Electric as well as the Ioniq 5, both use nickel-manganese-cobalt (NMC) batteries, as does the Kia EV6.
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The agreement was formalised at Hyundai Motor Group’s Namyang Research and Development Centre in South Korea, with key figures from both parties in attendance. Heui Won Yang, President of Hyundai Motor and Kia’s R&D Division, along with other senior executives, joined Mandar V. Deo, the Managing Director and CEO of Exide Energy, in closing the partnership.
Exide Industries Ltd. subsidiary Exide Energy Solutions Ltd., established in 2022, is spearheading the company’s foray into manufacturing of lithium-ion cells, modules, and packs.
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LFP batteries have grown in prominence in the last few years, with enhanced thermal stability, safety, a longer life [than comparable chemistries], and high charging tolerance making them a preferred choice for EV manufacturers worldwide, including Chinese electric vehicle giant BYD.