Hyundai Motor Group signs long-term lithium hydroxide contracts, adopts high-capacity NCM batteries, and internally produces batteries to lower EV costs.
Hyundai Motor Group is strengthening its EV battery supply chain and internal production capacity to offer price-competitive EV models with longer driving ranges. The company signed long-term contracts for lithium hydroxide with SQM, Ganfeng Lithium, and Chengxin Lithium Group. Hyundai plans to adopt high-capacity NCM batteries, using lithium hydroxide, to boost driving range, and internalize battery production to lower costs for EV customers.
June 24, 2024
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