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Lead acid battery maker Exide Industries Ltd is focusing on innovations for emerging applications like hybrid and electric vehicles, a company official said on Tuesday.

A lithium-ion JV has been formed and is well placed with an assembly line having a capacity of 1.5 GWh, it said.

"The company is developing advanced solutions in the lead acid space for emerging applications, including hybrid vehicles and EVs," MD & CEO Gautam Chatterjee told shareholders at the annual general meeting.

He also spoke about introducing 'ultra-batteries' and other solutions in the energy storage space and the lithium chemistry domain.

Chatterjee said with declining upfront costs and gradual improvement in technology, higher production of electrified vehicles is feasible now.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.