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Hyundai Motor teams up with LG Energy, KST Mobility for leasing, recycling of EV batteries
The Hyundai Motor Group will collaborate with LG Energy Solution Ltd. and KST Mobility Co in executing a government initiative on electric-vehicle battery lease and recycling to reduce battery-related environmental problems.
Under the deal, KST Mobility will buy 20 Kona EVs from Hyundai Motor Co. and hand over the batteries' ownership to Hyundai Glovis, who lease it back to the taxi operator.
The scheme lowers the initial EV purchasing cost for the taxi platform operator.
State subsidies would bring down Hyundai Kona EV's price tag of 47 million won to about 20 million won, minus the battery costs.
Hyundai Glovis will sell the used batteries for recycling into energy storage systems (ESS) for recharging electric cars. The ESS stores extra energy in the daytime to raise energy efficiency at charging stations.
Electric taxis change batteries every two to three years, and the number of scrapped EV batteries is forecast to rise rapidly to around 80,000 units a year by 2029.
Thus, the three companies agreed to lease and recycle EV batteries in line with South Korea's green energy initiative.
According to the Korea Energy Economics Institute, the number of scrapped EV batteries is forecast to increase by 80,000 units a year by 2029.