Hyundai Motor India has signed a binding term sheet with Exide Industries’ subsidiary Exide Energy Solutions, for the production and supply of battery cells for HMIL’s electric vehicles dedicated to the Indian market.
The Term Sheet formalises the intent of HMIL to onboard EESL as a supplier of lithium-ion cells and battery packs for use in its electric vehicles.
The proposed arrangement, once the Definitive Agreements are executed, is expected to accelerate the development and production of electric vehicles, contributing to the growth of sustainable transportation solutions in India.
As per an exchange filing on Thursday, the Indian unit of South Korea’s Hyundai Motor Co., the battery cells will be purchased at a price as prescribed in the term sheet.