Exide Industries to supply lithium-ion battery to Indian Electric Two- wheeler OEMS

Exide Industries to supply lithium-ion battery to Indian Electric Two- wheeler OEMS

May 28, 2024
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After forging partnerships with Hyundai and Kia, Exide Industries Ltd is now engaging with electric two-wheeler manufacturers in India to supply lithium-ion batteries. The battery manufacturer is in discussions with several two-wheeler companies developing electric vehicles.

”We are in active discussions with two-wheeler manufacturers who have an electric wheel programme. These discussions are at various stages for the supply of cells,” Exide Energy Solutions Ltd (EESL) Managing Director and Chief Executive Officer Arun Mittal told investors in a post-earnings call. However, Exide Industries’ management did not disclose the names of the two-wheeler companies they are in talks with, citing non-disclosure agreements (NDAs). “Since we have an NDA, I am under constraints to reveal any specific details at this point,” Mittal added.

EESL and the Bengaluru Giga Factory

Exide Energy Solutions Limited (EESL), a wholly-owned subsidiary of Exide Industries, is spearheading the company’s lithium-ion cell manufacturing efforts. EESL is establishing a giga factory in Bengaluru, set to commence operations in 2025 with an initial production capacity of 6 GWh. This capacity is planned to double to 12 GWh,  to meet the increasing demand for lithium-ion batteries.

Partnership with Hyundai and Kia

In a significant development, South Korean automakers Hyundai Motor Co and Kia Corp have entered into a partnership with Exide Industries to supply locally produced lithium iron phosphate (LFP) batteries for their future electric vehicles in India. The companies have signed a non-binding agreement to formalize this collaboration, which underscores the growing importance of domestic battery production for the Indian EV market.

Investment and Financial Commitment

Exide Industries has already invested Rs 2,300 crore in its lithium-ion cell business. For the current financial year, the company plans to invest an additional Rs 1,000 crore in its lithium-ion subsidiary, reinforcing its commitment to this sector. These investments are part of a larger Rs 5,000 crore plan earmarked for the first phase of the lithium-ion cell manufacturing project, highlighting Exide’s aggressive push into the EV battery market.

 

The post Exide Industries to supply lithium-ion battery to Indian Electric Two- wheeler OEMS appeared first on E-Vehicleinfo.

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