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Exide Industries Limited (EXIDEIND.BO)
- Reuters SG
UPDATE 2-Hyundai Motor, Kia to partner with India's Exide Energy on EV batteries
Hyundai Motor Co and Kia Corp on Monday signed a memorandum of understanding with India's Exide Energy Solutions Ltd to supply batteries for their electric vehicles in a bid to boost competitiveness in the world's No.3 auto market. The South Korean auto duo said in a statement that the partnership with Exide Energy, a unit of Exide Industries Ltd , aims to localise their EV battery production in India, specifically focusing on lithium-iron-phosphate (LFP) cells.
- Reuters
India's Exide Industries tops Q2 profit view, says "optimistic" on demand
India's Exide Industries on Monday reported a better-than-expected second-quarter profit helped by steady sales, and said it was optimistic on the near-to-medium term demand outlook. The battery maker posted a standalone net profit after tax of 2.87 billion rupees ($34.50 million) for the quarter to Sept. 30, up 16.5% year-on-year. A jump in vehicle sales was key to Exide's earnings, as the company derives over two-thirds of revenue from its automotive segment that supplies batteries to vehicle manufacturers.
