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Exide Industries in battery talks with EV makers
Industry News- May 08,25
Hyundai is set to become the first Indian automaker to use locally manufactured battery cells for electric vehicles through its agreement with Exide’s subsidiary, Exide Energy Solutions, signed in December 2024.
Exide Industries is in advanced discussions with two major two-wheeler (2W) manufacturers and one three-wheeler (3W) player for battery manufacturing partnerships, the company revealed during its investor call on May 6. This update led to a 2% surge in Exide’s share price.
The company also provided progress on its collaboration with Hyundai Motor India, noting that product development has already begun. Hyundai is set to become the first Indian automaker to use locally manufactured battery cells for electric vehicles through its agreement with Exide’s subsidiary, Exide Energy Solutions, signed in December 2024. The partnership is expected to support battery localisation and cost reduction for Hyundai’s EVs.
Exide is currently supplying auxiliary batteries for electric two-wheelers and four-wheelers to OEMs and is preparing to introduce new products for commercial vehicles, e-rickshaws, and inverters.
The company also sees strong potential in end-to-end rooftop solar solutions, identifying it as a key future revenue driver. This aligns with India’s national targets of 500 GW renewable energy by 2030 and 40 GW rooftop solar capacity by 2026.
Other key growth drivers include rising demand for uninterrupted power supply, urbanisation-led vehicle demand, and four identified mega trends: increasing mobility, growth in data centers, automation in transport and warehousing, and rising investments in power, telecom, and urban infrastructure.
(moneycontrol)
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