Exide shares rally 15% on Kia, Hyundai EV partnership

April 08, 2024 01:21 AM PDT | By Invezz

Exide shares rally 15% on Kia, Hyundai EV partnership — Image source: Invezz

Here’s what it means for Exide shares

The memorandum of understanding signed this morning aims to accelerate competition in the world’s third largest auto market.

Kia and Hyundai said the partnership will localize production of their EV batteries especially the LFP (lithium-iron-phosphate) cells in India. According to Shin Yoon-Chul – a Kiwoom Securities analyst:

India’s manufacturing labour cost is estimated to be 1/4^th of China, and its massive lithium mines would help automakers that plan to make EVs in the country to better source necessary battery materials.

Exide shares have now more than doubled over the past twelve months. Watch here: https://www.youtube.com/embed/oDFS6gfDV7k?feature=oembed

Hyundai and Kia want to expand in India

Note that India is one of the largest revenue generating for Kia and Hyundai Motor – the other three being Western Europe, the United States, and their home town South Korea.

Hyundai is committed to investing $2.40 billion to launch new EVs and set up charging stations in India through 2028 while Kia wants to roll out small-sized locally optimised electric vehicles in the second-largest economy within Asia-Pacific.

On Monday, Exide Energy – a subsidiary of Exide Industries Ltd said it is aiming to produce electric vehicle batteries by the end of 2024.

Exide stock currently pays a dividend yield of 0.54% that makes it more attractive for investment.

BREAKING- Tesla begins producing right-hand drive cars in Germany for export to India. 🇮🇳 pic.twitter.com/pGkg5D177z — DogeDesigner (@cb_doge) April 4, 2024

The post Exide shares rally 15% on Kia, Hyundai EV partnership appeared first on Invezz

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