Exide Industries, a leading battery maker in India, is now in advanced talks with two top two-wheeler companies and one three-wheeler manufacturer to supply batteries. This was confirmed during the company’s investor call held on May 6. Soon after the news came out, Exide shares went up by 2 percent.
The company also shared updates about its partnership with Hyundai Motor India. Product development has already started under this deal. Hyundai will become the first Indian carmaker to use battery cells made in India. This partnership is with Exide Energy Solutions, a subsidiary of Exide, and was signed in December 2024. This move is expected to help Hyundai cut costs and reduce its dependence on imported batteries.
Exide stated that it already supplies auxiliary batteries to top automakers for use in electric two-wheeler and four-wheeler. Increasing urbanization and rising demand for electric vehicles have also fueled the need for good quality batteries. Exide has new battery products in the pipeline for commercial vehicles, e-rickshaw, and inverters.
The organization also aims to foray into the rooftop solar power segment. Exide stated that it would offer end-to-end solar power solutions for residential as well as commercial purposes. With India aiming for 500GW of renewable power by 2030 and 40GW of rooftop solar by 2026, the segment may prove to be a huge revenue driver for the organization.
Exide also foresees more expansion because of the increasing need for a constant supply. The four major future trends that the company identified and is working towards are more cars on the road, increasing demand for data centers, automation in transport and warehouses, and investment in power, telecommunication, and urban infrastructure.
Do you have a news tip for Lakshmishree reporters? Please email us at media@lakshmishree.com.
Source: Moneycontrol.
News Desk
