Hyundai Plans To Produce Its Own Electric Car Battery To Lower Vehicle Prices

Hyundai IONIQ 6 Has Been Named Best EV In 2023 by Car and Driver. (Doc. Hyundai)

Hyundai Motor Group plans to produce its own LFP batteries to deliver more affordable versions of electric vehicles. This battery is scheduled to be introduced in 2025.

Reporting from the Electrek page, Thursday, November 9, the plan is supported by a new investment of $7.3 billion, which will be used for the development of electric vehicle batteries within the next ten years.

Hyundai has formed a special unit for each stage of battery development. Hyundai's first electric vehicle equipped with an LFP battery and competitive prices is expected to come in 2025.

With this new LFP battery, it is anticipated that there will be an increase in energy density and efficiency at low temperatures, strengthening Hyundai's confidence in facing the future electrification era.

Meanwhile, according to a report by The Korea Herald, Hyundai plans to complete the development of LFP batteries in 2024, along with efforts to develop NCM batteries and solid states to increase the reach of electric vehicles as well as reduce production costs. Hyundai's first NCM battery has been shown in the hybrid version of Sante Fe which was launched in August.

The move also aims to reduce Hyundai's dependence on battery supply from China, as well as boost the decline in electric vehicle prices.

Not only that, Hyundai has also collaborated with a number of other battery suppliers, including LG Energy Solutions, to increase sales of electric vehicles in various regions.