Hyundai Motor Co and Kia Corp on Monday signed a memorandum of understanding with India's Exide Energy Solutions Ltd on battery production for their electric vehicles (EVs) in India.

The South Korean auto duo said in a statement that their partnership with Exide Energy aims to localise their EV battery production in India, specifically focusing on lithium-iron-phosphate (LFP) cells.

(Reporting by Heekyong Yang and Joyce Lee Editing by Ed Davies)