Hyundai To Use Exide-Made Battery Cells In India-Specific Electric Cars
The battery cells will be purchased at a price as prescribed in the term sheet.
Hyundai Motor India Ltd. is on course to become the first Indian carmaker to use made in India battery cells if Maruti Suzuki India Ltd. does not beat it to the punch.
The Indian unit of South Korea's Hyundai Motor Co. has signed a binding term sheet with Exide Industries Ltd.’s subsidiary, Exide Energy Solutions Ltd., for the production and supply of battery cells for its electric cars meant for the Indian market, according to an exchange filing on Thursday.
The battery cells will be purchased at a price as prescribed in the term sheet. In April, Hyundai Motor Co. and sister company Kia Corp. partnered with EESL for EV battery localisation in India.
"India is a key market for vehicle electrification due in part to the government's carbon-neutrality goals, which makes securing cost competitiveness through localised battery production crucial," Heui Won Yang, head of Hyundai and Kia research and development division, said. "Through this global partnership with Exide Energy Solutions Ltd., we'll gain a competitive advantage by equipping Hyundai Motor and Kia's future EV models in the Indian market with locally produced batteries,"
The focus of this Hyundai-Kia-Exide partnership is to produce lithium-iron-phosphate cells, which, under optimal conditions, support more than 10,000 charging cycles, as compared to the 1,000–2,300 cycles of a regular lithium-ion battery.
Shares of Hyundai India closed 0.15% lower and Exide Industries settled 1.07% down on the BSE, compared to a 1.2% decline in the benchmark Sensex.
