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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.
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 flagship EV9 in India this year. In 2025, India’s roads will be getting two mass market EVs from Kia, but Carens will be Kia’s first made-in-India EV. The model will compete against other EVs in India, including the Hyundai Creta EV, as well as Honda Motor (NYSE:HMC) Elevate EV and Suzuki Motor Corporation (OTC:SZKMY)-subsidized Maruti eVX, and Tata Motors Curvv EV.
Firing on all cylinders seems to be paying off for Hyundai Motor Company.
On another part of the globe, Hyundai Motor America just reported an all-time record. Earlier this month, Hyundai Motor America reported its best-ever first quarter sales, along with its best ever March. As for the first quarter record, Hyundai sold 84,804 units while EV sales rose 62% YoY.
In March, Hyundai sold a record breaking 76,920 units which represents a 2% YoY increase, while EV sales expanded100%. Hyundai sold 11,485 units of eco-friendly vehicles in March. Also last month, Hyundai unveiled an enhanced 2025 Santa Cruz Sport Adventure Vehicle during the New York International Auto Show. Hyundai has never hit its commitment to cutting-edge R&D. Back in 2022, Hyundai America Technical Cente, a divison of Hyundai Motor Group, signed a letter of understanding with Worksport Ltd (NASDAQ:WKSP), for the tonneau cover maker specialized in clean energy automotive accessories, to produce a prototype of its solar-powered tonneau cover SOLIS and a modified version of its portable battery system COR to fit the bed geometry of the Santa Cruz. Earlier in March, Worksport confirmed it is on track to launch the SOLIS and COR this summer. With the SOLIS and COR power duo, Worksport is promising extra mileage to EV pickups and off grid mobile power from the Sun to any consumer. Worksport also announced the eligibility of its offering for Tesla, as well as General Motors (NYSE:GM), Ford Motor (NYSE:F) and others, creating space for many partnerships.
While China and the U.S. deal with an EV slowdown, India’s EV market is booming. While the world’s two largest economies remain at the forefront of the EV revolution, Hyundai and Kia’s strategic maneuver will propel India’s growing EV market to join the leading team. After nearly doubling last year, India’s EV sales are expected to rise as much as 66% this year, according to Reuters that quoted a research firm Counterpoint. According to the report, EVs will make nearly a third of the country’s personal vehicle market by the end of the decade.
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This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
