Gurugram - Hyundai Motor India., an automobile company, has signed a binding term sheet with Exide Energy Solutions., a subsidiary of Exide Technologies, for the production and supply of battery cells for HMIL's electric vehicles in the Indian market.
The agreement focuses on the production and supply of lithium-iron-phosphate (LFP) battery cells for Hyundai's electric vehicles in India. This partnership aids Hyundai in localizing battery sourcing, enhancing cost competitiveness and supporting India’s carbon-neutrality goals.
Mr. Heui Won Yang, Head of Hyundai R&D division, noted that, India’s importance as a key market for vehicle electrification makes localised production crucial. Through this global partnership with Exide Energy Solutions Ltd., we’ll gain a competitive advantage by equipping Hyundai Motor future EV models in the Indian market with locally produced batteries.
The LFP cells will support over 10,000 charging cycles, significantly exceeding the 1,000–2,300 cycles of standard lithium-ion batteries. This partnership aligns with Hyundai's strategy to invest in India's EV infrastructure and further localize production. Hyundai India shares closed 0.15% lower, while Exide Industries dropped 1.07%, amid a 1.2% decline in the benchmark Sensex.
This partnership aligns with India’s focus on electric mobility, supported by government incentives and the need to reduce carbon emissions. By collaborating, Exide and Hyundai strengthen their commitment to sustainability and boost domestic EV battery production. The term sheet outlines key terms for the agreement, serving as a foundation for future negotiations before a formal, binding contract.
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