Hyundai Motor India Ltd. has signed an agreement with Exide Energy Solutions Ltd., a subsidiary of Exide Industries, to procure domestically manufactured lithium-iron-phosphate (LFP) battery cells for its electric vehicles (EVs). The move supports local sourcing of critical EV components and reduces dependency on imports, according to a press release issued by the company.
Under the partnership, Exide will manufacture LFP battery cells designed for Hyundai’s EVs in the Indian market. These cells are noted for their durability, capable of sustaining over 10,000 charging cycles compared to 1,000–2,300 cycles for conventional lithium-ion batteries.
Hyundai’s R&D head, Heui Won Yang, highlighted that localised production offers a strategic benefit in making EV solutions more accessible to the Indian market.
The announcement comes as automakers globally work to localise their supply chains to address vulnerabilities and reduce environmental impacts. Despite the news, Exide Industries’ stock fell by 1.07%, while Hyundai Motor India’s shares closed 0.15% lower, reflecting a broader 1.2% decline in the benchmark Sensex index.
This partnership is part of Hyundai’s long-term strategy to strengthen EV infrastructure, reduce costs, and support India’s aspirations to develop a robust EV manufacturing ecosystem.