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Hyundai partners with Exide Industries for locally made EV battery cells
Autocar Professional, 20 Dec '24

Headlines 23 Dec 2024


Hyundai Motor India (HMIL) has entered into a binding term sheet with Exide Energy Solutions (EESL), a subsidiary of Exide Industries, for the production and supply of battery cells for HMIL's electric vehicles intended for the Indian market.

The term sheet formalises HMIL's intent to engage EESL as a supplier of lithium-ion cells and battery packs to be utilised in its electric vehicle offerings.

Once the definitive agreements are executed, this collaboration is expected to expedite the development and production of electric vehicles, thereby contributing to the advancement of sustainable transportation solutions within India.

According to an exchange filing dated 19th December 2024, HMIL will procure the battery cells at a price stipulated in the term sheet.