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Korean battery-makers eye turnaround in mass-market EVs
“Korea’s battery sector, in particular, has had a tough time competing with China’s low-priced lithium iron phosphate batteries, but they’ve found a way to produce high-quality yet price-competitive NCM batteries through joint ventures and localized production,” said Rho Woo-ho, a battery sector analyst from Meritz Securities.
Similarly, Kia’s EV3, powered by NCM batteries from the HLI Green Power joint venture, will debut in the European market in the second half of the year. The EV4, a compact sedan, is expected to follow in early 2025 with the same battery technology. HLI Green Power, a joint battery manufacturing plant between Hyundai Motor Group and LG Energy Solution in Indonesia, began mass production earlier this month.
Initially, Kia was expected to use lower-cost Chinese batteries in all of its mid to low-priced models, including the EV3, to popularize EVs. For example, the Kia Ray EV used LFP batteries from CATL, and the Niro EV and Hyundai Kona Electric were equipped with CATL’s NCM batteries. The EV5, a mid-size SUV for the Chinese market, also featured BYD’s LFP battery to keep costs down.
Instead, by using price-competitive NCM batteries from Korean makers in EV3, Kia is not only reducing reliance on Chinese suppliers but also qualifying EV3 for greater government subsidies in Korea, which favor higher-density batteries.
“This pivot mitigates negative perceptions of Chinese batteries in Korea but also leverages improved cost and performance advantages of NCM technology, positioning Korean battery makers like LG Energy Solution strongly in the global EV market, especially against Chinese competition,” said analyst Roh.
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