To be the best, you have to beat the best. Hyundai Motor is developing high-capacity LFP batteries to power future Hyundai and Kia electric vehicles. Aiming for an energy density of around 300 Wh/kg, Hyundai's LFP batteries are ahead of CATL and China's BYD.
Hyundai is already proving to be a leader in the transition to electric vehicles. Its IONIQ 5 and 6 are already some of the most efficient and affordable on the market, but the Korean automaker has bigger plans.
The company is developing new batteries and other EV technologies to secure a leadership position in the future of the automotive industry.
Hyundai is working with local companies to develop high-capacity LFP batteries. A Hyundai Motor Group executive confirmed last fall that the company was working with domestic battery makers such as LG Energy Solution, Samsung SDI, and SK On.
Hyundai aims to increase cell capacity, planning to develop LFP batteries with a capacity of nearly 300 Wh/kg by 2025.
If achieved, Hyundai can easily beat the energy density of the current LFP battery leaders such as BYD and CATL, with a capacity of more than 200 Wh/kg.
China dominates the global battery market, with CATL and BYD accounting for more than 50% of the share until August 2024.
Hyundai is developing LFP batteries for low-cost EVs
Industry sources said Hyundai is making the batteries to reduce its reliance on China while being able to make its own fuel-efficient EVs.
Hyundai's Kona EV and Kia Ray already use batteries from CATL. However, with new tariffs on EV imports from China in the US and EU, Hyundai is making its own way.
Last June, Hyundai Motor CEO Chang Jae-hoon revealed a 7.3 billion won (9.5 trillion won) investment in EV battery technology and development over the next 10 years. Chang said Hyundai will work with battery makers and others to develop LFP, NCM, and solid batteries.
Hyundai and Kia announced a new project last month to develop LFP cathode battery material for low-cost EVs.
The automaker is working with Hyundai Steel and ExoPro BM to develop a prototype that will produce the cathode material for the LFP battery. Hyundai says the new production method could improve efficiency while reducing costs for future models.
Hyundai and Kia are already introducing affordable EVs. Hyundai's Casper Electric starts at under $23,000 (31.5 million won) in Korea. With incentives, Hyundai says it can be purchased for less than $15,000 (20 million won). Kia's EV3 starts at around $30,000. However, Hyundai's next-generation EVs are expected to be cheaper and more efficient.
Source: TheKoreanCarBlog, TheKoreaHerald
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