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To reduce reliance on Chinese battery suppliers, Hyundai Motor Group will develop its own price-competitive lithium iron phosphate (LFP) batteries for electric vehicles. The initiative comes as Hyundai aims to maximize the battery cell's capacity to over 60 amperes.
With the completion of development planned for 2024, Hyundai is poised to begin installing these batteries in their small and entry-level electric cars, as well as mid-priced EVs starting in 2025, as per the Korea Herald.
Redefining Battery Production Strategy
Hyundai's decision to produce its batteries marks a strategic shift in the production of cost-effective electric vehicles, according to Energy Portal. By distancing itself from Chinese battery makers, the company seeks to enhance its competitiveness in the EV market.
Furthermore, the move is expected to ramp up low- and mid-priced electric car production, tapping into the increasing demand for affordable EV options amidst a global EV sales slump.
Experts predict that Hyundai's battery business expansion will provide a boost to the company's overall electric vehicle production. As customers prioritize entry-level and budget-friendly EVs in the face of economic slowdown and inflation, Hyundai's ability to offer affordable electric cars may prove instrumental in capturing a larger market share.
Drawing inspiration from leading EV manufacturers like Tesla and BYD, Hyundai's foray into battery development is poised to drive up production while simultaneously reducing costs.
Hyundai's Pioneering Efforts in Battery Development
Hyundai's journey towards self-sufficiency in battery manufacturing began with the installation of the first Hyundai-made NCM battery for its hybrid cars, a collaborative effort with SK On. This milestone was achieved with the launch of the hybrid version of the company's new midsize SUV Santa Fe in August.
The battery, known for its improved efficiency and performance, surpassed expectations with a remarkable 10 percent increase in efficiency compared to previous models.
Enhancing Performance and Efficiency
By taking charge of battery materials certification, design, and testing, Hyundai is focused on ensuring superior performance and efficiency. The forthcoming LFP batteries are set to rival the levels achieved by premium nickel, manganese, and cobalt (NCM) batteries in terms of voltage and capacity. This strategic pursuit of development aligns with Hyundai's commitment to staying at the forefront of EV technology.
While striving towards self-sufficiency in battery production, Hyundai remains open to collaborations with both small battery makers and prominent entities like LG Energy Solution, Samsung SDI, and SK On. An official from Hyundai Motor Group declined to comment further on the matter, emphasizing the importance of maintaining confidentiality throughout ongoing efforts.
Photo: Hyundai Media Center
