Seoul: South Korean automobile majors Hyundai Motor and Kia on Thursday launched a joint project aimed at developing cathode material technology for producing lithium iron phosphate (LFP) batteries for electric vehicles.
The project, which also involves Hyundai Steel Co. and Ecopro BM, aims to develop technology to directly synthesize materials without using precursors during the manufacture of LFP battery cathodes, Yonhap news agency reported.
Hyundai Motor and Kia, together with Hyundai Steel, plan to develop highpurity fine iron powder processing technology using recycled steel. EcoPro BM will use this to develop directly synthesized LFP cathode materials.
The automakers said the project, supported by the Ministry of Trade, Industry and Energy, will last four years. Representatives of the companies held a meeting on Wednesday to discuss future cooperation.
If the project proves successful, production of LFP batteries could become more cost competitive, as currently most cathode precursors are produced in a few specific countries, leading to high dependence on imports.
The companies said the project could potentially enable establishment of a stable domestic supply chain of raw materials for LFP batteries, thereby reducing dependence on imports and enhancing supply chain security for the country.
“Through this project, we hope to reduce dependence on foreign imports and internalize the required technologies, thereby enhancing the technological competitiveness of both the country and Hyundai Motor Group,” the automakers said.
Meanwhile, Hyundai Motor's cumulative sales volume is expected to breach the 100 million unit mark this month, according to industry estimates.
According to company data, Hyundai Motor's cumulative car sales from 1968 to the end of July totaled 99.66 million units. This includes 24.36 million units sold domestically and 75.3 million units sold overseas.
Achieving cumulative sales of 100 million units will be a major milestone for the South Korean automaker, achieved 56 years after the company started selling the Cortina compact sedan, which was first produced at Hyundai's Ulsan plant in 1968.
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– / Written By Top News Bulletin
Image Credit: KhasKhabar.