Hyundai Motor Group plans to develop its own lithium iron phosphate (LFP) batteries for electric vehicles (EVs) to reduce reliance on Chinese-made batteries. Under a two-year joint project with Korean battery makers, Hyundai aims to complete development of the batteries by 2024. The LFP batteries will be installed in Hyundai and Kia’s small and entry-level EVs, as well as mid-priced EVs from 2025. Hyundai aims to maximize the battery cell’s capacity and improve its energy density to similar levels as premium nickel, manganese, and cobalt (NCM) batteries.
By developing its own batteries, Hyundai aims to distance itself from Chinese battery makers and join the global decoupling push amid the deepening tech trade war between China and the US. Additionally, Hyundai’s own battery business can increase production of low- and mid-priced EVs, which are gaining popularity among customers interested in affordable electric cars. In June, Hyundai unveiled an investment plan worth $7.3 billion for battery development over the next 10 years.
Hyundai plans to work with US-based firms for research and development of lithium-ion and all-solid-state batteries. The company also intends to open a new research building and consider building a small-scale pilot production line for testing and improving battery performance.
>>Join our Facebook Group be part of community. <<