52-week high alert: This auto stock surged over 17 per cent after signing EV expansion deal

Hyundai and Kia are partnering with Indian battery maker Exide Energy Solutions Ltd to boost their electric vehicle presence in India, focusing on locally produced Lithium-iron-phosphate cells.

Hyundai and Kia are teaming up with Exide Energy Solutions Ltd, an Indian battery maker, to ramp up their electric vehicle (EV) presence in India. This partnership signifies their commitment to building EVs with batteries produced locally. The focus will be on Lithium-iron-phosphate (LFP) cells, a technology increasingly popular in China. By using locally sourced batteries, Hyundai and Kia aim to be at the forefront of integrating domestic components into their upcoming Indian EVs. This move aligns with the Indian government's push for electric vehicles and carbon neutrality. Heui Won Yang, head of R&D for Hyundai and Kia, highlighted the importance of cost-effective battery production in India to achieve this goal.

The collaboration with Exide is the first step in a broader plan by Hyundai and Kia to expand their entire EV ecosystem in India. This includes battery development, production, supply chain, and partnerships – all focused on the Indian market. This news comes alongside Hyundai's announcement of a new high-volume EV model for India by 2025, adding to their existing electric vehicle options like the IONIQ 5 and Kona. Kia India currently offers the EV6 electric car.
 

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Exide Industries Ltd, a leading player in the auto components and equipment sector, is experiencing a surge in its stock price. The stock closed at Rs 377.00, a significant increase of Rs 55.30 (17.19%) from the previous day's closing price of Rs 321.70. This jump marks a new 52-week high for the company, with the previous high being Rs 383.50.This positive movement could be attributed to several factors, including the recent announcement of Hyundai and Kia's collaboration with Exide for electric vehicle battery production in India.  This partnership positions Exide as a key player in the growing electric vehicle sector, which could be driving investor confidence and fueling the stock price increase. It's important to note the stock's high volatility, with a wide range between the upper and lower price bands (Rs 386.00 and Rs 289.55 respectively).

Exide Industries Limited, a publicly traded Indian company, is a leader in energy storage solutions. They manufacture the widest range of lead-acid batteries globally, catering to various applications.  Their product portfolio includes automotive batteries, industrial batteries, and even specialized batteries for solar applications, home inverters, submarines, and e-rickshaws.

Disclaimer: This blog has been written exclusively for educational purposes.