Hyundai and Kia Motor have signed a Memorandum of Understanding (MOU) for strategic cooperation with Exide Energy Solutions. 

The decision has been taken to localize their battery production with a major focus on lithium-iron-phosphate (LFP) cells.

As per the details shared by the brand via official release, the development will make both companies pioneer by introducing homemade batteries in their upcoming EV models.

The agreement has been signed at Hyundai Motor Group’s Namyang Research and Development Center in South Korea. The event was attended by top officials including Hyundai Motor President and Head, Heui Won Yang, Head of Electrification Energy Solutions Tech Unit, Chang Hwan Kim, Managing Director and CEO of Exide Energy, Duk Gyo Jeong, Managing Director, and CEO of Exide Energy, Dr. Mandar V Deo among other.

Heui Won Yang, President and Head of Hyundai Motor and Kia’s R&D Division, said, “India is a key market for vehicle electrification due in part to the government’s carbon neutrality goals, which makes securing cost competitiveness through localized battery production crucial.”