Hyundai & Kia to develop LFP batteries to bring down EV costs

The 4-year project will also be supported by Korea's Ministry of Trade, Industry & Energy

According to media reports, South Korean carmakers Hyundai & Kia are teaming up to reduce the cost of their future EVs via new battery tech. The two carmakers have launched a new project to develop lithium-iron-phosphate (LFP) battery cathode materials for future EVs.

Hyundai & Kia have also partnered with Hyundai Steel & EcoPro BM - South Korea's leading battery material makers, to develop the precursor for LFP battery material production. The reported 4-year project will also be supported by Korea's Ministry of Trade, Industry & Energy under its LFP Battery Technology Development Plan.

SoonJoon Jung, Head of Hyundai & Kia's electrification & driving materials, stated, "To meet future demand in the EV market, rapid technological development and effective battery supply chain establishment are essential."

The new project will also help reduce reliance on imports and create a stable supply chain during the industry's shift to electric. The new LFP batteries being developed by Hyundai & Kia are said to use advanced processes. Hyundai claims the new method will boost production while driving down costs compared to the current processes.

As per reports, Hyundai Steel will develop "high-purity iron powder" using domestically recycled iron, which will then be used by EcoPro BM to develop the LFP cathode material.

Hyundai & Kia recently introduced affordable EVs in the global market this year, with the Casper EV and EV3, respectively.

Source: Electrek