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Hyundai Motor India Partners with Exide for Locally Made EV Battery Cells

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Synopsis:

Hyundai Motor India partners with Exide Energy Solutions for locally produced LFP battery cells. The deal ensures cost-effective EVs with batteries supporting over 10,000 cycles. This step strengthens Hyundai's localisation and India's carbon-neutral goals.

 

Hyundai Motor India news tod

Hyundai Motor India has entered a significant partnership with Exide Energy Solutions Ltd., a subsidiary of Exide Industries, to source locally manufactured lithium-iron-phosphate (LFP) battery cells for its electric vehicles. This agreement positions Hyundai as the first Indian automaker to incorporate domestically produced battery cells in its EVs. The collaboration aims to enhance cost competitiveness and support India’s push towards carbon neutrality.

Also read: KPI Green Energy Signs MoU with Rajasthan for Hybrid Solar-Wind Projects

HYUNDAI MOTOR INDIA LTD

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1766.2-21.25 (-1.18 %)

Updated - 20 December 2024
1807.95day high
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1758.00day low
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531540
VOLUME (BSE)

Key Takeaways

  • Hyundai to use locally manufactured LFP battery cells in its EVs.

  • The LFP cells will support over 10,000 charging cycles, surpassing industry standards.

  • The initiative aligns with Hyundai’s strategy to localise EV production and contribute to India’s carbon-neutrality goals.

Also read: Hyundai Motor India Partners with Amara Raja for AGM Battery Technology

Significance Of The Partnership

This partnership enables Hyundai to reduce dependency on imported batteries, ensuring a more stable and economical supply chain. Localisation not only brings down manufacturing costs but also aligns with India’s Make-in-India initiative. The LFP battery cells, known for their long lifespan of over 10,000 charging cycles, will play a crucial role in powering Hyundai’s next-generation EVs for the Indian market.

EV Battery Performance: A Comparison

Parameter

LFP Battery Cells (Hyundai)

Typical Lithium-Ion Batteries

Charging Cycles

Over 10,000

1,000–2,300

Cost Competitiveness

High

Moderate

Localised Production

Yes

Rare

Hyundai’s Push Towards EV Localisation

Hyundai’s decision to partner with Exide Energy Solutions underscores its commitment to strengthening India’s EV ecosystem. By focusing on local manufacturing, Hyundai reduces supply chain risks and supports faster adoption of EVs in the country.

Market Impact

Despite the promising collaboration, Hyundai Motor India share price closed 0.15% lower, while Exide Industries’ share price dropped 1.07% amid broader market declines. The benchmark Sensex fell by 1.2%, reflecting overall investor sentiment.

This partnership signifies Hyundai's proactive approach to revolutionising India's EV market while aligning with its global vision for sustainable mobility.

Also read: JK Cement Wins Bid for Mahan Coal Mine in Madhya Pradesh

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Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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