Hyundai Motor and Kia aim to localise their EV battery production, specifically focusing on lithium-iron-phosphate (LFP) cells in line with the expansion of their EV plans for the Indian market.
With this announcement, the Hyundai Group has effectively confirmed it intends to use LFP chemistry for its future electric vehicles for the Indian market.
Exide Industries surged 13 percent to hit a record high of ₹363.35 after South Korean auto giants Hyundai Motor Company and Kia Corporation announced a partnership with Exide Energy Solutions Ltd, a subsidiary of Exide Industries for electric vehicle battery localisation in India.
Sanjiv Bhasin prefers Exide for its early technology lead in lithium-ion as well as ICE batteries. The Exide stock surged after Hyundai and Kia announced partnership for EV battery localisation in India . Exide s advantage over Amara Raja is due to its strong market position as well as early tech disclosures.