[News Article] Hyundai to develop own cheaper batteries for EVs
Hyundai to develop
own cheaper batteries for EVs
Byun Hye-jin, The
Korea Herlad - Hyundai Motor Group is expected to develop its own
price-competitive lithium iron phosphate, or LFP, batteries for electric
vehicles late next year to reduce dependence on China-made batteries, industry
sources said Monday. According to media
reports, under the two-year joint project with Korea-based battery makers that
started this year, Hyundai will complete development of LFP batteries in 2024. The batteries will
be installed in Hyundai and Kia’s small and entry-level electric cars and
midpriced EVs from 2025. A Hyundai Motor
Group official declined to comment on the matter, citing confidentiality, and
said, “We are looking into working with small battery makers as well as large
companies (like LG Energy Solution, Samsung SDI and SK On) here in Korea.”Hyundai aims to
maximize the battery cell’s capacity to the highest level of more than 60
amperes. Its energy density will be around 300 watts per kilogram. The company
plans to improve the product’s voltage and capacity to similar levels of
premium nickel, manganese and cobalt, or NCM, batteries. Industry insiders
say the carmaker’s bold move to make its own batteries comes after its
commitment to distance itself from Chinese battery makers in producing
cost-effective EVs. The Hyundai Kona EV,
an electrified version of the small sport utility vehicle, and its smaller
sibling Kia’s compact sedan Ray EV are equipped with China-based CATL’s LFP
batteries. But with the
deepening tech trade war between China and the US and its allies, including
Europe, Hyundai Motor Group, which operates one of the largest EV businesses in
the US, has been under pressure to join the decoupling push. Hyundai’s own
battery business can also ramp up low- and midpriced electric car production,
which is gaining more traction amid a worldwide EV sales slump, according to
experts. “With prolonged
economic slowdown and high inflation, customers, who are interested in electric
cars, are eyeing entry-level and less pricey EVs,” said Lee Ho-geun, a car
engineering professor at Daeduk University. “Like the world’s top EV makers
Tesla and BYD, if Hyundai develops more EV batteries, it can boost production
and cut the overall costs.” In June, Hyundai
Motor Group CEO Chang Jae-hoon unveiled an investment plan worth 9.5 trillion
won ($7.3 billion) for battery development and technologies over the next 10
years. Chang vowed that the company will jointly develop LFP, NCM and
all-solid-state batteries in coordination with battery manufacturers and
academic institutions. Following the master
plan, the first Hyundai-made NCM battery for its hybrid cars, a product of a
business tie-up with SK On, was installed in the hybrid version of the
company’s new midsize SUV Santa Fe, launched in August. Commercial
production of the battery was previously expected to come next year, however
Hyundai moved up the schedule. The carmaker led the processes of battery
materials certification, design and testing while enhancing performance –
approximately 10 percent greater battery efficiency compared to the previous
car model. For research and
development of lithium-ion and next-generation all-solid-state batteries,
Hyundai plans to work with the US-based firms Solid Energy System and Solid
Power. It also looks to
open a new research building in its Uiwang research center in Gyeonggi Province
for lithium-ion and all-solid-state batteries by next year. Building a
small-scale pilot production line is under consideration to test and improve
the performance of the batteries. Source: https://www.koreaherald.com/view.php?ud=20231106000611
2023.11.07
>
>
