HomeNewsBusinessMarketsExide shares zoom 12% after Hyundai, Kia join hands with arm for EV battery localisation
Trending Topics

Exide shares zoom 12% after Hyundai, Kia join hands with arm for EV battery localisation

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.

April 08, 2024 / 13:01 IST
Story continues below Advertisement
Exide shares zoom 12% after Hyundai, Kia join hands with arm for EV battery localisation
Exide shares zoom 12% after Hyundai, Kia join hands with arm for EV battery localisation

South Korean auto majors Hyundai Motor Company (HMC) and Kia Corporation on April 8 announced a partnership with homegrown battery maker Exide Energy Solutions Ltd for electric vehicle battery localisation in India.

Shares of Exide Industries reacted positively to the development and surged more than 12 percent to hit a 52-week high of Rs 363.  Volumes in the counter also surged as one crore shares changed hands on the exchanges so far, significantly higher than the one-month daily traded average of 22 lakh shares.

Story continues below Advertisement

"HMC and group firm Kia Corporation have signed a Memorandum of Understanding (MOU) with Exide Energy Solutions Ltd, a leading Indian battery company, as part of their electric vehicle (EV) expansion plans," Hyundai Motor Group said in a statement.

Exide Energy Solutions (EES) is a wholly-owned subsidiary of Kolkata-based Exide Industries Ltd, a leading lead-acid battery supplier in India with over 75 years of experience and market leadership in lead-acid batteries.