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Hyundai Motor Group Chairman Chung Eui-sun. (Photo=Hyundai Motor) |
[Alpha Biz= Reporter Kim Jisun] Hyundai Motor Co. and Kia Motors Corp. will first install batteries produced by local companies in their electric vehicle (EV) models exclusively for India. It is expected to bring about an acceleration of the Indian electric power market through localization strategies.
Hyundai Motor and Kia announced on the 8th that they have signed a strategic business agreement to localize battery cells for India's Exide energy and India-exclusive EV vehicles at the Namyang Research Institute in Hwaseong, Gyeonggi Province.
Exide Energy is a subsidiary established by Exside in 2022 to enter the automotive battery business. Exide is the leading battery company in India, which has been in the battery business for more than 75 years. Exide Energy plans to mass-produce battery cells for electric vehicles as early as the end of the year.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
