Tag: mobility

  • Pricing Details for Citroen C3 Automatic Hatchback Revealed

    Citroen has announced the prices for the automatic variant of the C3 in India.

    The automatic model starts at Rs 10 lakh and goes up to Rs 10.27 lakh.

    The hatchback was first showcased in August and now features a six-speed torque converter automatic transmission.

    Check prices here:

    C3 Turbo Shine Automatic: Rs 10 lakh

    C3 Turbo Shine Vibe Pack: Rs 10.12 lakh

    C3 Shine Dual Tone: Rs 10.15 lakh

    C3 Shine Dune Tone Vibe Pack: Rs 10.27 lakh

    The manual variant of the C3 Turbo also has competitive pricing.

    Shine Dual Tone: Rs 9.30 lakh,

    Shine Dual Tone Vibe Pack: Rs 9.42 lakh.

    The automatic versions are approximately Rs 85,000 more than the manual options.

    Here are a few features

    The automatic variants come with the same features as the manual ones. These include:

    LED projector headlamps

    Electrically adjustable wing mirrors with integrated turn signals

    7-inch digital instrument cluster

    10.2-inch infotainment touchscreen

    Six airbags for safety

    MyCitroen Connect smartphone app

    Engine Specifications

    Engine: 1.2-litre turbo-petrol engine, producing 110hp a

    Gearbox: Six-speed torque converter automatic gearbox.

    In the Indian market, the new car will compete with other cars like Tata Punch and Hyundai Exter.

  • India e-2W sales | Jan 2024

    Total Registered 2W Sales during Jan 2024 to Jul 2024 – 1,08,48,102 | Electric 2W Sales – 6,71,323

    India EV Penetration in 2W category (Jan 2024 to Jul 2024) – 6.19%

    Data Source: EVreporter Data Portal. Combined data from Vahan and Telangana

    Observations

    • The highest EV sales in the 2W category were registered in Maharashtra, Karnataka and Tamil Nadu.
    • The highest EV penetration in 2W sales was observed in Kerala (13.5%), Karnataka (11.6%), Maharashtra (10.6%) and Telangana (9.4%).
    • Uttar Pradesh observed a low EV penetration in the 2W category at 3%.
    • Bajaj Auto was the leading e-2W OEM in Maharashtra.
    • For nine other top-selling states, the leading e-2W OEM was Ola Electric.

    Data Source: EVreporter Data Portal. Combined data from Vahan and Telangana

    Data Source: EVreporter Data Portal. Combined data from Vahan and Telangana
    Data Source: EVreporter Data Portal. Combined data from Vahan and Telangana
    Data Source: EVreporter Data Portal. Combined data from Vahan and Telangana

    Revolt has observed a upward trend among electric motorcycle OEMs, selling 4,662 units in the first 7 months of CY 2024.

    This article was first published in EVreporter Sep 2024 magazine. For deeper insights into India EV sales trends—city-wise, state-wise, segment-wise, RTO-wise and OEM-wise—check out the EVreporter Data Portal here.

    Also read: India ICE vs EV sales | For top 2W and 3W OEMs in August 2024

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  • Evaluating Hybrid Vehicles: Pros and Cons

    Sustainability has become the key factor in modern-day decision-making. The individuals of today are largely embracing the concept of conscious consumerism. Self-interest choices have been supplanted by sustainable options, reflecting a shift in consumer behaviour. According to a study by Rakuten Insight on sustainable consumption in India, 60% of consumers emphasized the importance of purchasing products that are sustainably produced or environmentally friendly. This statistic is a testament to the rising reliance on green options.

    In light of the growing shift towards eco-friendly choices, industries are increasingly going green. Automobile industry, in particular, is largely adopting and advocating sustainability, setting the benchmark for other sectors. The advent of EVs and hybrid vehicles is one step ahead towards India’s goal of achieving net zero emissions by 2070.

    A report from Mordor Intelligence estimates that the Hybrid Vehicle Market will be valued at $231.77 billion in 2024 and is projected to grow to $478.33 billion by 2029, with a CAGR of 12.83% over the forecast period (2024-2029). The increased environmental awareness followed by sustainable choices is driving the demand for hybrid vehicles. With an electric motor and a gasoline diesel engine, hybrid vehicles utilize less fuel and produce fewer emissions, rendering them a smart choice amongst environment-conscious consumers.

    However, just as every coin has two sides, so do hybrid vehicles. Even though they champion the sustainability quotient, these vehicles also come with their own set of disadvantages.

    Here’s a look at the pros and cons of hybrid vehicles:

    Pros

    Environment-conscious: What gains hybrid vehicles a point over the others is their eco-friendly nature. With combination engines, these vehicles cut down fuel consumption, resulting in better gas mileage. On top of that, less fuel consumption eliminates their dependency on fossil fuels, leading to reduced emissions.

    Fuel efficiency: These twin-powered engine vehicles thrive on concise, lightweight and efficient internal combustion engines. Given the featherweight nature of the engine and other vehicle elements, a lesser amount of energy is required. Harnessing support from the electric motor, the light nature of hybrid vehicles tends to improve the fuel efficiency of the vehicle.

    Less maintenance and high resale value: With fewer and lighter parts, hybrid vehicles are quite easy to maintain. Moreover, the combination engine adds to its longevity, positively impacting its performance and functioning. The cherry on the cake is these low-maintenance vehicles offer a high resale value, thanks to their fuel efficiency.

    Cons

    Higher operating costs: Given the twin-powered engine and transforming technology, the repair and maintenance of hybrid vehicles might become challenging. Moreover, this might also directly impact the ongoing upkeep costs of the vehicle.

    High voltage risks: Hybrid vehicle batteries operate at high voltages. This increases the chances of electrocution, putting the lives of the driver and passengers at risk.

    Low power: Hybrid vehicles use a combination of electric and gasoline engines. Thus, both engines are not able to perform to their full potential as they would do independently in gasoline or electric vehicles. Consequently, the low power makes these vehicles suitable for city driving rather than high-speed performances.

    Future ahead

    While hybrid vehicles surely champion the sustainability quotient, the high repair and upkeep costs can be a major turn-off. However, as we progress towards a greener landscape, hybrid vehicles will play a crucial part. Thus, before going for a hybrid vehicle, it is vital to take into account one’s driving purpose, pattern, budget and affordability.

  • Global EV market projected to hit $2,108 billion by 2033: Axis Securities report

    The global electric vehicle (EV) market, currently valued at $255 billion as of 2023, is expected to soar to $2,108 billion by 2033, according to a recent Axis Securities report. This remarkable growth will be driven by a compound annual growth rate (CAGR) of 23% from 2024 to 2033, reflecting a significant rise in global demand for sustainable mobility solutions.

    Key Drivers of EV Market Growth

    The report highlights several key factors fueling this expansion:

    Government Policies: Various government initiatives and subsidies are playing a crucial role in promoting EV adoption.

    Product Launches: The introduction of new and innovative EV models is attracting more consumers.

    Technological Advancements: Rapid advancements in EV technology are making these vehicles more efficient and affordable.

    Cost Reduction: The decreasing cost of the bill of materials (BoM) is contributing to lower manufacturing costs.

    India’s EV Market on the Rise

    The Indian EV market is poised for substantial growth, with Axis Securities forecasting that it could reach 10 million units annually by 2033, up from 1.7 million units in the financial year 2023-24. India is expected to lead the EV revolution over the next decade, with significant adoption across various vehicle categories, including three-wheelers (3W), two-wheelers (2W), electric buses, and passenger vehicles.

    Government Support and Infrastructure Development

    To support this growth, the Indian government has allocated a total of ₹10,900 crore in subsidies over the next two years. This funding aims to promote the adoption of EV two-wheelers, three-wheelers, and buses. The scheme targets the sale of 24.79 lakh two-wheelers, 3.16 lakh three-wheelers, and 14,028 e-buses by March 2025. Subsidies of ₹10,000 per two-wheeler and ₹50,000 per three-wheeler are part of this initiative.

    Additionally, ₹500 crore has been allocated to increase the adoption of electric trucks and ambulances, with incentives linked to scrappage certificates from approved scrapping centres. Another ₹500 crore is designated for the deployment of e-ambulances, including hybrids.

    Enhancing EV Charging Infrastructure

    A critical aspect of promoting EV adoption is the development of charging infrastructure. The Indian government has committed ₹2,000 crore to establish public EV charging stations across the country. This investment aims to support the installation of:

    22,100 fast chargers for EV four-wheelers

    1,800 chargers for EV buses

    48,400 chargers for electric two-wheelers and three-wheelers

    Favorable Tax Rates for EVs

    In an effort to make EVs more affordable, the Indian government has introduced favorable tax rates for electric vehicles. Electric cars are taxed at 5%, compared to 28% for hybrid vehicles and 49% for internal combustion engine (ICE) vehicles.

    The Axis Securities report underscores the significant potential of the global and Indian EV markets over the next decade. With strong government support, technological advancements, and growing consumer demand for sustainable mobility solutions, the EV market is set for substantial growth, transforming the future of transportation.

  • Do Looks Shape Consumer Preferences

    Marked by earnest efforts to get the industry back on the decisive road toward recovery and success, 2023 was a significant year for the automobile sector. According to the European Automobile Manufacturing Association, it was stated that in 2023, Indian passenger car sales surged to a record level of about 4.2 million units, growing by 8.5% and surpassing Japan’s volume.

    “The Indian automobile market is moving from functionality to aspiration,” stated Tarun Garg, COO at Hyundai Motor India. “Earlier, it was all about going from point A to point B at a lower price and higher fuel efficiency. Now, customers want a lot more. “They aspire for better safety, better features, better design and better technology… very clearly, this is a reflection of the ‘YOLO’ attitude of younger customers,” he said.

    In fact, it is true to say that the way cars are perceived and judged has undergone considerable change. Today, customers prioritise a combination of factors, including performance, safety, and features. However, one crucial aspect that can make or break a sale is car design. Thus, the importance of car aesthetics cannot be overstated, as it plays a significant role in shaping consumer preferences and ultimately, driving sales.

    Vehicle Aesthetics and Buying Decisions

    Vehicle aesthetics play a crucial role in buying decisions. A car’s appearance can create a strong emotional connection with potential buyers. Studies have shown that consumers are more likely to choose a car that aligns with their personal style and preferences. To highlight the fact, as per IBEF, luxury car sales in India reached a record high of 42,731 units in 2023, marking a 20% YOY increase.

    Thus, given the growth in the luxury segment, the automotive industry has witnessed a significant shift in design trends. From the sleek and futuristic designs of the 1950s to the modern and minimalist approaches of today, car design has evolved to meet changing consumer preferences.

    Here are some of the trends in automotive design:

    • Aesthetic: This trend focuses on creating visually stunning cars that make a statement on the road. It’s all about creating an emotional connection with the consumer through design.
    • Sustainable: With growing concerns about climate change and environmental sustainability, this trend focuses on creating eco-friendly cars that reduce carbon emissions and minimise waste. Electric vehicles, hybrid cars, and sustainable materials are key features of this trend.
    • Technological: This trend integrates advanced technology into car design, including features like autonomous driving, augmented reality displays, and advanced safety features.
    • Luxury: With high-end materials, innovative technology, and meticulous attention to detail, the tendency is to create premium vehicles that ooze opulence and elegance.
    • Retro-Futuristic: This trend combines traditional design elements with futuristic features, resulting in a distinct and nostalgic look that appeals to consumers seeking a mix of old and modern.
    • Customisation: With choices for custom external and interior design components, this trend enables customers to personalise their cars to fit their own likes and preferences.

    As manufacturers attempt to match changing consumer tastes and stay ahead of the competition, these trends demonstrate the diversity and evolution of automotive design. For example, a sporty, aggressive style may appeal to someone who enjoys driving quickly, whereas a more elegant, luxury design may be preferred by people who value comfort and prestige.

    Evolution of Car Design Preferences: What Do Consumers Look For Before Buying?

    Exterior styling: Without a doubt, the first thing that comes to mind while looking at a car is its outside design. Since a sleek and modern appearance can leave a lasting impression and reflect the owner’s own style.

    Interior space and comfort: A well-designed interior can make or break the driving experience. Thus, consumers today value a spacious and well-designed interior that is both comfortable and functional for everyday use.

    Technology integration: Consumers expect seamless integration of advanced technology features. They look for features such as touchscreen displays, smartphone connectivity, and advanced driver assistance systems to enhance their driving experience.

    Best Car Designs for Consumers

    Best car designs for consumers are subjective and depend on individual preferences. However, some cars have consistently received praise for their aesthetics. For example, the Tesla Model 3 is often cited as a benchmark for modern design, combining sleek lines with cutting-edge technology. Other notable examples include the Porsche 911, Aston Martin DB11, and Audi R8.

    There is no denying the fact that car aesthetics are an essential factor in the automotive industry, impacting sales at a major level. The way a car looks can significantly influence consumer preferences and buying decisions. Thus, while you choose your next vehicle, keep in mind that your final decision will affect the future of automotive design.

  • Marposs to display EV battery solutions at The Battery Show India 2024 • EVreporter

    Marposs is set to exhibit at Battery Show India 2024, presenting its cutting-edge solutions for EV battery manufacturers. Focusing on quality, safety, and efficiency, Marposs offers advanced technologies for various battery types.

    Safety is a top priority in the EV battery industry, from coating and drying to calendering, slitting, separation, and assembly. Marposs technologies and products are designed to meet and redefine safety standards, creating a secure, advanced, and reliable process.

    Basis Weight Measurement in EV Battery Production

    The coating of battery electrode components, involving a roll-to-roll application of active material (slurry) onto a thin metal substrate, must ensure homogeneity and uniformity to prevent potential hazards. Thanks to its acquisition of MeSys, Marposs can provide precise measurements of coating basis weight, ensuring consistent battery production quality, using Ultrasonic basis weight sensors with patented technology.

    Marposs technologies extend beyond basis weight measurement. Post-drying, electrodes undergo calendering to increase energy density by compressing the active material. Controlling deviations in thickness is critical, and Marposs utilizes chromatic confocal technology and camera inspections during this vital step.

    At the Marposs booth, visitors can learn about Mesys Unisense, a single horizontal traversing scanning sensor available in C or O shapes. The first configuration is perfect for narrower applications. This Ultrasonic sensor scanner offers a simple yet accurate way to measure the basis weight of both wet and dry films in battery production. The second one is versatile and ideal for all web measurement applications.

    Mesys Unisense GO is a portable version featuring a single sensor suitable for any environment. It is a versatile solution designed for integration into battery electrode production lines or laboratory settings. Its lightweight body provides immediate usability and can be easily detached and taken wherever needed, offering a convenient and versatile measurement experience without compromising performance.

    Leak B-TRACER at The Battery Show

    Leak B-TRACER is a revolutionary semi-automatic station designed for comprehensive leak testing of lithium-ion battery cells.

    The EV batteries often contain electrolytes with flammable components that can pose safety risks if compromised. Leakage can also lead to performance degradation. The Leak B-TRACER addresses these concerns by offering leak detection throughout the battery assembly.

    Leak Detection for Unmatched Reliability

    The Leak B-TRACER employs a special process to verify the sealing of batteries:

    Marposs has pioneered an Electrolyte Tracing technique for leak detection of several types of sealed battery cells during different assembly process operations, before or after formation and degassing. In the event of a leak, the Leak B-TRACER vaporizes and extracts the solvent in the electrolyte recipe within the vacuum chamber, allowing a specially calibrated mass spectrometer to quantify the leak rate.

    Flexibility and Efficiency for Seamless Integration

    The Leak B-TRACER is designed for seamless integration into existing production lines. This user-friendly, semi-automatic station features manual loading with an automated testing cycle, making it ideal for:

    • Prototype and pilot line testing
    • Random off-line testing and statistical process control (SPC) analysis
    • Re-checking of scrap batches
    • Unmatched Versatility for Diverse Battery Applications

    The Leak B-TRACER offers unparalleled versatility, accommodating various battery cell formats (button, cylindrical, prismatic, or pouch) and electrolyte types (DMC, EMC, PP, etc.). Furthermore, the system is adaptable for integration at different stages of the battery building process, including pre-and post-formation and end-of-line testing.

    Fast Retooling and Easy Use

    The Leak B-TRACER prioritizes ease of use with a rapid retooling kit, ensuring minimal downtime during production line changeovers.

    For more information, visit Marposs stand at the Battery Show India (Hall 3, Stand b164).

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  • Ola Electric’s S1 Series EV Scooter Turned Out A Nightmare For Customers

    Mumbai/New Delhi: Ola Electric’s flagship S1 series EV scooter has turned out to be a nightmare for several customers as they continue to face issues like malfunctioning hardware and glitching software even from day one after purchase.

    An angry customer from Agra on Thursday posted a video on X, showing an Ola Electric service station in the city in complete mess.

    “This is the current situation of Agra Ola electric service station. People are so enraged because no solutions are provided for their problems. Ola electric is fastest growing when it comes to their scooters coming back to service stations for 2-3 months,” the customer posted. Another grieving customer posted on X the reality of Ola Electric.

    “Received scooter after month, in more broken and damage conditions what a hard-earned money I promise. @bhash shame on ur fake promise and commitment @OlaElectric”.

    According to a media report based on interactions with several such customers, Ola S1 scooters are plagued with malfunctioning hardware and glitching software. Spares are hard to come by, resulting in inordinate delays.

    An Ola Electric customer Manoj from Chembur here was quoted as saying that he has been making trips to the Ola centre frequently just to keep his scooter running.

    He spent more than Rs one lakh to purchase the Ola Electric scooter to save money on petrol. “But I frequently visit the company service centre to get my EV scooter fixed,” he said. Mayur Bhagat, another Ola Electric customer, said, he faced problems in his Ola electric scooter from day one after purchase. “I purchased the vehicle in July this year. There is a software glitch — the app refuses to connect with the vehicle — which hasn’t been fixed despite the company keeping the vehicle for nearly a month. I have no other option but to continue making trips to the service centre”, lamented Bhagat.

    “Ola Electric operates its dealership, It is the biggest problem with the company. If it is handled by franchise partners, the issues would’ve been resolved,” said Bhagat.

    Ola Electric is based on a direct-to-customer model. The company owns and operates all 500 plus experience centres and 430 service centres across the country.

    On Thursday, Bhavish Aggarwal-run Ola Electric’s stock was trading at 103 apiece in the morning trade, down 35 per cent from its peak.

    As per reports, Ola Electric receives around 80,000 complaints monthly, overwhelming its service centres. On peak days, complaints even rise to 6,000-7,000. That resulted in a pile-up and a backlog

  • Around 20% Of All Last-Mile Delivery Fleets In India Are Now Electric

    Women in India, Bangladesh and Vietnam are increasingly taking ownership of their safety as they drive independently to their workplaces while cutting down fuel costs through e-scooter ownership

    The mobility sector in emerging markets of South and Southeast Asia is growing so rapidly that it could absorb up to $ 1.3 trillion in green capital by 2030, mirroring China’s phenomenal electric vehicle (EV) growth, according to a report.

    The Powering an affordable EV revolution in emerging Asia report, released recently – ahead of the Climate Week NYC by investors LeapFrog Investments and Temasek alongside electric mobility companies Mahindra Last Mile Mobility Limited and Battery Smart — showed affordable entry points for electric mobility across the low-income markets of emerging Asia.

    An analysis of the lifetime cost of owning an electric vehicle versus fossil-fuel powered vehicles highlighted how electric scooters and electric three-wheelers have hit price tipping points across the region, spiking demand for green mobility even amongst first-time vehicle buyers.

    Case studies from Mahindra Last Mile Mobility Limited and Battery Smart also found that manufacturing and infrastructure for EVs is increasing across the region.

    According to the report, projected green capital demand for mobility in emerging Asia ($1.3 trillion) outstrips capital demand for the energy (USD 400 billion) and food ($ 350 billion) sectors combined. Mobility emissions represent 10 per cent of total GHG (greenhouse gas) emissions across Asia, but 25 per cent of Europe’s emissions and 30 per cent of the US’, making rapid electrification critical as incomes in emerging Asia rise, it said.

    In India, the report said, electric scooters and three-wheelers are currently around $ 40-112 cheaper per year to own than petrol alternatives. Mahindra estimated that around 70 per cent of electric three-wheeler customers were first-time buyers from low-income backgrounds. An increasingly efficient network of battery swapping stations, supported by interoperable battery systems across vehicle manufacturers, has dramatically improved re-fuelling infrastructure for EVs.

    According to Battery Smart, it takes less than two minutes to exchange a battery at one of its 1,100 swapping stations across India. In India, EVs now account for an estimated 20 per cent of three-wheeler last-mile transportation (passenger and cargo) fleets. Mahindra estimated that commercial EV drivers generate 20 per cent more income compared to those using CNG/diesel vehicles due to lower operating costs for electric three-wheelers. The report also said that for women in particular, access to mobility has a magnifying impact on equality of opportunity.

    Women in India, Bangladesh and Vietnam are increasingly taking ownership of their safety as they drive independently to their workplaces while cutting down fuel costs through e-scooter ownership. At the same time, innovators and investors are addressing key constraints to adoption like upfront costs, range anxiety and infrastructure issues.

    Steve Howard, vice-chairman, Sustainability, Temasek, said that technology improvements and business innovation in emerging Asia’s EV sector, “when coupled with enabling policies and substantial investments, hold tremendous promise for transformative impact at pace and at scale”.

    “As we continue to drive electrification, we also remain committed to improving the lives of our customers, many of them micro-entrepreneurs, and supporting India’s journey towards reduced carbon emissions by providing sustainable and cost-effective solutions,” said Suman Mishra, MD and CEO, Mahindra Last Mile Mobility Limited.

    Pulkit Khurana, co-founder and CEO, Battery Smart, said: “In South and Southeast Asia, we are witnessing phenomenal growth in the EV sector. …the finding that 20 per cent of all last-mile delivery fleets in India are now electric is a clear sign of broader adoption. “We have identified a $1.3 trillion opportunity for the private markets and impact investment community to transform our global transportation future,” said Souleymane Ba, partner and co-head of Climate Investment Strategy, LeapFrog Investments.

  • Automaker Kia completes first EV-only manufacturing plant

    Seoul, Sep 27: Automaker Kia said on Friday it has completed building Hyundai Motor Group’s first manufacturing facility dedicated solely to electric vehicles, which boasts an annual capacity of producing 150,000 units.

    Kia held a ceremony for the Kia Gwangmyeong EVO Plant, located at Kia Autoland in Gwangmyeong, just south of Seoul, which is tasked with mass producing Kia’s new EV3 model and the upcoming EV4 model.

    Kia invested 401.6 billion won ($304.2 million) in the 60,000 square-meter facility, completely rebuilding it on an existing plant site to facilitate the company’s next-generation vehicle production, reports Yonhap news agency.

    The event was attended by around 150 guests, including Choi Jun-Young, executive vice president and head of domestic production at Kia, and Gwangmyeong Mayor Park Seung-won.

    The EVO Plant is characterised under the theme of pursuing maximum change through minimal expansion, taking into consideration its location in the city centre and other environmental factors, such as the protection of green spaces.

    In addition, the plant has been constructed with a full-scale conversion to electrification in mind, focusing on eco-friendly and worker-friendly elements.

    Mass production of the EV3, the brand’s compact all-electric SUV, began in the first half of this year. In the first half of 2025, Kia plans to introduce the EV4, the brand’s upcoming mid-sized electric sedan.

    Choi said in a welcoming speech that the completion of the plant “solidifies Kia’s first step as an EV leader following the company’s brand relaunch in 2021.”

    “With the goal of providing sustainable mobility solutions, we will lead innovation in the EV market and fulfill our responsibilities in helping to deliver a sustainable future,” he added.

    Meanwhile, Hyundai Motor and Kia have launched a joint project to develop cathode material technology for producing LFP (lithium iron phosphate) batteries for electric vehicles. The joint project, also involving Hyundai Steel and Ecopro BM, aims to develop a technology for synthesising materials directly without using precursors during the manufacturing of LFP battery cathodes.

  • Hyundai Motor, Kia launch joint tech project for EV battery development

    Seoul, Sep 26: Hyundai Motor and Kia, South Korea’s leading automotive companies, said on Thursday they have launched a joint project to develop cathode material technology for producing LFP (lithium iron phosphate) batteries for electric vehicles.

    The joint project, also involving Hyundai Steel Co. and Ecopro BM, aims to develop a technology for synthesising materials directly without using precursors during the manufacturing of LFP battery cathodes, reports Yonhap news agency.

    Hyundai Motor and Kia, in collaboration with Hyundai Steel, plan to develop high-purity fine iron powder processing technology using recycled steel. Ecopro BM will utilise this to develop directly synthesised LFP cathode materials.

    The project, supported by the Ministry of Trade, Industry and Energy, will run for four years, the automakers said. The companies’ representatives held a meeting Wednesday to discuss future cooperation.

    If the project is proven successful, LFP battery production could become more cost competitive, as currently most cathode precursors are produced in a few specific countries, leading to high import dependency.

    The project could potentially enable the establishment of a stable domestic supply chain for raw materials for LFP batteries, reducing reliance on imports and enhancing supply chain security for the country, the companies said.

    “Through this project, we hope to reduce reliance on foreign imports and internalise the necessary technologies, thereby enhancing the technological competitiveness of both the nation and Hyundai Motor Group,” the automakers said.

    Meanwhile, cumulative sales volume of Hyundai Motor is likely to exceed the 100 million-unit mark this month, industry projections showed.

    According to the company data, Hyundai Motor’s cumulative car sales from 1968 to the end of July totalled 99.66 million units. This includes 24.36 million units sold domestically and 75.3 million units sold overseas.

    Achieving 100 million units in cumulative sales would mark a major milestone for the South Korean automaker, accomplished 56 years after the company first began selling the Cortina compact sedan, which was first produced at Hyundai’s Ulsan plant in 1968.