TECH - Hyundai And Kia To Boost Their Competitiveness In India | Benzinga
On Monday, Hyundai Motor Company (OTC: HYMTF) and Kia Corporation signed a memorandum of understanding with Exide Energy Solutions Ltd with the aim of localizing EV battery production in India, joining the efforts of Tesla Inc (NASDAQ: TSLA) who is also reportedly considering to tap into India for EV production facilities as the average manufacturing labour cost in the country is estimated to be only about one-fourth of labour cost in China.
Hyundai And Kia Are Boosting Heir Efforts In India
Exide Energy plans to produce EV battery cells at the end of this year. With a specific focus on lithium-iron-phosphate (LFP) cells, Exide Energy Solutions will be supplying batteries to the South Korean automaker who aims to boost competitiveness in the world's third largest auto market. Along with the United States, South Korea and Western Europe, India is one of Hyundai and Kia’s four biggest revenue generating markets.
Last year, Hyundai committed to invest about $2.40 billion over the next decade in its Indian footprint which includes the launch of six EVs by 2028, along with charging stations.
Meanwhile, Kia aims to bring locally-optimized EVs to India.
Kia CEO and President, Ho Sung Song confirmed the arrival of three EVs, including Carens EV, along with another mass-market product. Kia will be launching the ...