The key to affordable electric cars lies in the battery pack. Hyundai plans to invest significant resources over the next decade to develop its own LFP battery. This initiative aims to not only lower costs but also deliver additional benefits.
Hyundai’s recent announcement highlighted a nearly 6.8 billion euros investment plan for developing in-house batteries over the next 10 years. These batteries are utilized in various models from both Hyundai and its sister brand, Come on.
The LFP battery takes priority
The investments are intended to ensure the development of various battery types. The LFP battery has been prioritized and is set for release in 2024. A year later, the first EV featuring this battery pack will hit the market. Hyundai lauds its higher energy density and enhanced efficiency at low temperatures, intending to incorporate it in future electric entry-level and mid-range cars from Hyundai and Kia.
In addition to LFP batteries, Hyundai also aims to focus on developing lithium-ion batteries and promising solid-state batteries. The expected deployment timeline for these batteries has not been disclosed by the South Korean manufacturer.
Extra advantage
By producing batteries in-house, Hyundai can not only maintain the affordability of its electric vehicles but also reduce its reliance on Chinese suppliers. Currently, some of Hyundai’s models use a Chinese-made battery pack like the Hyundai Kona Electric, which is equipped with a battery from Chinese battery giant CATL.
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