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Battery Development

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Hyundai Aims for Double-Digit Profit Margins with Next-Gen EV Platform and Batteries.

Originally Published 2 years ago — by Electrek.co

Featured image for Hyundai Aims for Double-Digit Profit Margins with Next-Gen EV Platform and Batteries.
Source: Electrek.co

Hyundai plans to invest $85 billion over the next decade, including $27.8 billion towards EVs, to accelerate its transition to electric cars and raise its annual EV sales goal to two million by 2030. The company will introduce a new EV platform, next-gen batteries, and new businesses to drive software innovation. Hyundai's new Integrated Modular Architecture (IMA) platform will power 13 new dedicated EV models from Hyundai, Kia, and Genesis brands through 2030, and the company is targeting over 10% profitability for its EV models in 2030. Hyundai is also investing $7.3 billion over the next ten years to improve battery performance and competitiveness in the battery tech.

businessautomotiveautomotivebattery-developmentelectric-vehiclesevshyundaisustainable-mobility

Toyota Secures $850 Million for Next-Gen EV Battery Development and Ambitious Goals.

Originally Published 2 years ago — by InsideEVs

Featured image for Toyota Secures $850 Million for Next-Gen EV Battery Development and Ambitious Goals.
Source: InsideEVs

Toyota will receive an $853 million subsidy from the Japanese government to expand the production of electric vehicle batteries and become less dependent on Chinese-related supply chains. The automaker will use the money to develop the next generation of lithium-ion EV batteries which use bipolar lithium iron phosphate technology and have the potential to offer 20 percent more range in electric vehicles and cost around 40 percent less than the current generation lithium-ion batteries used in the Toyota bZ4X crossover. Toyota plans to launch 10 new BEVs by 2026 and will produce an all-new electric SUV in Kentucky starting in 2025, as well as investing $2.1 billion in a battery factory in North Carolina.

businessautomotiveautomotivebattery-developmentevjapanese-governmentsubsidytoyota