Hyundai Motor Group is embarking on a project to develop ultra-high-capacity lithium iron phosphate (LFP) batteries with an energy density of approximately 300 Wh/kg by 2025. This advancement would surpass leaders like China’s CATL and BYD, whose LFP batteries have energy densities of around 200 Wh/kg.
Hyundai is emerging as a key player in the electric vehicle market, with its IONIQ 5 and 6 models setting benchmarks for efficiency and affordability. To further solidify its leadership, the Korean automaker invests in cutting-edge battery technology and EV innovations, positioning itself for long-term success in the evolving automotive industry.
Hyundai is collaborating with domestic companies to develop ultra-high-capacity LFP batteries. Last fall, a Hyundai Motor Group official confirmed partnerships with leading battery manufacturers, including LG Energy Solution, Samsung SDI, and SK On, to drive innovation in battery technology.
Hyundai’s commitment includes a significant investment of $7.3 billion in EV battery technology and development over the next decade. The focus isn’t solely on LFP batteries; the company is also exploring nickel-cobalt-manganese (NCM) and solid-state batteries to enhance performance and efficiency.
In addition to technological advancements, Hyundai and its subsidiary Kia are introducing more affordable EV models. The Hyundai Casper Electric, available in Korea, starts at under $23,000 (31.5 million won), and with incentives, the price can drop below $15,000 (20 million won). Kia’s EV3 is expected to start around $30,000. Future models are anticipated to be even more cost-effective and efficient, broadening the accessibility of EVs to a wider audience.
Source: KCB, The Korea Herald
