Hyundai Motor Company and Kia Corporation have signed a Memorandum of Understanding (MoU) with Exide Energy Solutions (Exide Energy), a prominent Indian battery company, to strengthen their electric vehicle (EV) expansion strategies.
Focus on Localized Battery Production:
The collaboration aims to localize EV battery production, particularly emphasizing lithium-iron-phosphate (LFP) cells. This strategic move aligns with Hyundai and Kia's goal of utilizing domestically produced batteries in their upcoming EV models in the Indian market.
Signing Ceremony and Key Participants:
The MoU signing ceremony occurred at Hyundai Motor Group’s Namyang Research and Development Center in South Korea. Key attendees included Heui Won Yang, president and head of Hyundai Motor and Kia’s R&D Division, Chang Hwan Kim, head of Electrification Energy Solutions Tech Unit, Duk Gyo Jeong, head of Electric Vehicle Parts Purchasing Sub-Division, and Dr. Mandar V Deo, managing director, and CEO of Exide Energy.
Importance of Indian Market:
India's strategic importance in the EV sector is highlighted by its government's carbon neutrality goals and growing emphasis on vehicle electrification. Hyundai and Kia's partnership with Exide Energy aims to achieve cost competitiveness and technological advancement in locally produced batteries.
Future Plans and Expansion:
The collaboration with Exide Energy represents the beginning of Hyundai and Kia's endeavors to expand their battery development, production, supply, and partnerships in the Indian market. This move underscores India's emergence as a key player in the global automotive industry, particularly in the EV segment, which has witnessed significant growth in recent years.
Focus on Localized Battery Production:
The collaboration aims to localize EV battery production, particularly emphasizing lithium-iron-phosphate (LFP) cells. This strategic move aligns with Hyundai and Kia's goal of utilizing domestically produced batteries in their upcoming EV models in the Indian market.
Signing Ceremony and Key Participants:
The MoU signing ceremony occurred at Hyundai Motor Group’s Namyang Research and Development Center in South Korea. Key attendees included Heui Won Yang, president and head of Hyundai Motor and Kia’s R&D Division, Chang Hwan Kim, head of Electrification Energy Solutions Tech Unit, Duk Gyo Jeong, head of Electric Vehicle Parts Purchasing Sub-Division, and Dr. Mandar V Deo, managing director, and CEO of Exide Energy.
Importance of Indian Market:
India's strategic importance in the EV sector is highlighted by its government's carbon neutrality goals and growing emphasis on vehicle electrification. Hyundai and Kia's partnership with Exide Energy aims to achieve cost competitiveness and technological advancement in locally produced batteries.
Future Plans and Expansion:
The collaboration with Exide Energy represents the beginning of Hyundai and Kia's endeavors to expand their battery development, production, supply, and partnerships in the Indian market. This move underscores India's emergence as a key player in the global automotive industry, particularly in the EV segment, which has witnessed significant growth in recent years.
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great move
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