Hyundai is growing a brand new era of lithium iron phosphate (LFP) batteries for reasonably priced EVs, The Korea Herald reported this week.
The automaker is endeavor a two-year three way partnership with battery makers based mostly in its residence nation of South Korea that goals to see improvement work on LFP batteries accomplished in 2024, and for the batteries for use in manufacturing EVs starting in 2025, in keeping with the report.
LFP batteries do not rely as a lot on uncommon supplies, and so they assist quick charging. Chilly climate and high-performance conditions stay challenges, however general affordability has made them enticing to automakers.
Hyundai at present makes use of LFP batteries from Chinese language provider CATL in some variations of the Kona Electrical, in addition to the Kia Ray EV, the report famous.
2024 Hyundai Kona Electrical
Hyundai’s transfer to develop its personal LFP batteries might reduce dependence on CATL, the corporate that roughly controls LFP tech as it has been offered to be used within the U.S. and Europe (BYD is one other potential Chinese language rival emphasizing the tech). But it surely might additionally serve to work round U.S. commerce restrictions and assist future Hyundai EVs with LFP batteries qualify for the utmost federal EV tax credit score.
U.S. EV coverage specializing in batteries was refined final 12 months round seeing China as a “overseas entity of concern.” Agreements made final spring make some battery supplies equipped from Japan, South Korea, and the European Union tax credit score eligible. That led to a flood of curiosity by Chinese language corporations looking for to construct battery factories in South Korea.
2024 Hyundai Ioniq 6
Hyundai has made a U.S. three way partnership with LG to make batteries for American-built EVs. The joint-venture battery plant will probably be positioned in Georgia, supplying batteries for Georgia EV manufacturing, because of start at a $7.6 billion “Metaplant” close to Savannah in 2024. Hyundai has made efforts to hurry up the timeline because of adjustments in EV tax credit score guidelines and different U.S. EV coverage that prioritizes native meeting of automobiles and battery packs.
CATL, in the meantime, is constant to advance its personal LFP tech. The corporate has already teased a next-generation LFP battery that may add 250 miles in 10 minutes of charging.