India, April 8 -- Hyundai Motor Company and Kia Corporation have signed a Memorandum of Understanding (MOU) with Exide Energy Solutions as part of their electric vehicle (EV) expansion plans. The strategic cooperation aims to localise EV battery production, focusing on lithium-iron-phosphate (LFP) cells for the Indian market.

According to a press release from Hyundai Motor Company, this move will establish Hyundai and Kia as pioneers in utilising domestically produced batteries for their upcoming EV models in India. The partnership with Exide Energy signifies the beginning of their efforts to expand exclusive battery development, production, supply, and partnerships in the Indian market.

The MOU was signed at Hyundai Motor Group's Namya...