Hyundai to develop own cheaper batteries for EVs

Hyundai Motor Group is expected to develop its own price-competitive lithium iron phosphate, or LFP, batteries for electric vehicles late next year to reduce dependence on China-made batteries, industry sources said Monday.

According to media reports, under the two-year joint project with Korea-based battery makers that started this year, Hyundai will complete development of LFP batteries in 2024.