The Hyundai Motor Group plans to build its own LFP batteries to support cheaper EV prices. Industry sources said the automaker is expected to introduce LFP batteries in Hyundai and Kia electric cars from 2025.
At its 2023 investor day in June, Hyundai revealed a $7.3 billion investment ( KRW 9.5 trillion) to develop EV batteries over the next ten years.
Hyundai said it was leveraging its position “amidst a seismic change in the industry.” The plans include co-developing NCM, LFP, and solid-state batteries to improve range while lowering costs.
The automaker said it had formed a dedicated unit for each component of battery development. The first Hyundai EVs with competitively priced LFP batteries will arrive in 2025.
Hyundai said its new LFP battery-powered electric models will feature increased energy density and improved low-temp efficiency.
According to local media reports (via The Korea Herald), Hyundai will complete the development of its LFP batteries in 2024. The move is expected to reduce Hyundai’s reliance on China while promoting cheaper EV prices.
Hyundai IONIQ 5 (left) and IONIQ 6 (right) at Tesla Supercharger (Source: Hyundai)
Hyundai to build cheaper EV batteries
Hyundai teamed up with other South Korean industry leaders this year, including battery giants SK On and LG Energy Solutions, to advance EV sales in the region.
The first Hyundai-made NCM battery was featured in the Sante Fe hybrid, launched in August. The company’s new battery (developed with SK) improved battery efficiency by about 10% compared to the previous model.
2024 Hyundai Kona electric (Source: Hyundai)
Hyundai looks to maximize battery cell capacity to its highest level of over 60 amps. Meanwhile, its energy density is expected to be around 300 watts per kg. The automaker aims to boost capacity to that of premium NCM batteries.
Currently, the Hyundai Kona EV and the new Kia Ray EV are powered by LFP batteries from China’s CATL.
Kia Ray EV (Source: Kia)
The move comes as Hyundai aims to detach from China by producing cheaper LFP batteries in-house.
“Like the world’s top EV makers Tesla and BYD, if Hyundai develops more EV batteries, it can boost production and cut the overall costs,” explained Lee Ho-geun, a car engineering professor at Daeduk University.
The cheaper LFP batteries will be installed in Hyundai and Kia entry-level and mid-priced EV models from 2025.
Electrek’s Take
Demand for affordable EVs continues rising across the top auto markets globally. China’s largest EV maker, BYD, is seeing record growth with low-priced EV models like the Dolphin electric hatchback and Yuan Plus (Atto 3), which start at around $20,000 in many markets.
BYD also makes its own batteries and outsources to other companies, including Kia, Tesla, Toyota, and others. The auto giant posted a record $1.4 billion in Q3 profits despite the intensifying EV price war in China and overseas.
By producing batteries (especially cheaper ones), Hyundai will set itself up for success as the industry transitions to EVs.
Hyundai aims to be a top three EV producer by the end of the decade. Building cheaper batteries in-house will be a good start.
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bp pulse is continuing to roll out public DC fast charging across the US, and the company has opened its first-ever site in Arizona, along with new fast-charging locations in Texas, Florida, and Ohio.
In Arizona, bp pulse’s first site is now online at the Petro Travel Center in Eloy, just off Interstate 10 at Exit 200 (pictured). The location features 16 charging bays delivering up to 400 kilowatts, with both CCS and NACS connectors available. While charging, drivers can take advantage of the travel center’s onsite diner, convenience store, ATM, barber shop, and restrooms.
In South Florida, bp pulse’s new fast-charging site is at 2400 Miami Road in Fort Lauderdale, about three miles from Fort Lauderdale–Hollywood International Airport. The site features 16 charging bays, offering a mix of 150 kW and 400 kW speeds, with both CCS and NACS connectors. Its proximity to the airport makes it a handy stop for ride-hail drivers, EV rental returns, and airport pickups and drop-offs, with hotels, restaurants, and convenience stores nearby.
Texas is also getting more high-power charging, with a new bp pulse site at the Petro Travel Center in El Paso, located off Interstate 10 at Exit 37. This location offers 12 charging bays capable of delivering up to 400 kW, again with both CCS and NACS connectors. Drivers can take advantage of the diner, convenience store, barber shop, and restrooms while they charge.
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In Ohio, bp pulse has opened a smaller but still high-powered site at a TravelCenters of America location in Hebron, just off Interstate 70 at Exit 126. The site includes six 400 kW charging bays with CCS and NACS connectors, along with access to a convenience store, fast-food options, and restrooms.
These openings are part of bp pulse’s broader plan to build out EV charging across bp’s retail footprint, including bp, Amoco, ampm, Thorntons, and TravelCenters of America locations. Many of those sites are designed to combine fast charging with food, restrooms, and other travel amenities. bp has also said it plans to begin adding EV chargers at Waffle House locations starting in 2026.
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The Cadillac Lyriq and Chevy Blazer EV were among the vehicles that saw the biggest lease price drops in December.
Cadillac and Chevy EV lease prices drop in December
With the $7,500 federal EV tax credit now gone, automakers are filling the gap with their own incentives. Some are passing on the savings as bonus cash, conquest cash, lease discounts, and more.
Two General Motors electric SUVs, the Chevy Blazer EV and the Cadillac Lyriq, had some of the largest lease price drops of any vehicle in December.
The 2026 Cadillac Lyriq AWD Luxury model is now listed at $439 per month for 24 months. With $4,979 due at signing, the effective rate is $646, or $28 less per month than in November.
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That’s after the Lyriq already saw prices drop by $115 a month from October. However, the December deal includes a $2,000 competitive bonus for owners and lessees of a 2011 model year or newer non-GM vehicle.
The 2026 Cadillac Lyriq Luxury (Source: Cadillac)
The 2026 Chevy Blazer EV FWD LT is now available to lease for as low as $319 a month for 24 months. With $6,039 due at signing, the effective rate is $571 per month, about $60 less than in November. The deal includes a $750 competitive bonus and $1,000 customer cash allowance.
Chevy and Cadillac are offering discounts across their entire EV lineup. All 2025 Chevy electric vehicles, including the Blazer EV, Equinox EV, and Silverado EV, are available with 0% APR financing for 60 months.
Intestingly, the 2026 Chevy Equinox EV is also available with 0% APR financing, while the 2026 Blazer EV is listed with 1.9% APR for 36 months.
Cadillac is offering a $2,000 conquest or loyalty bonus for the 2026 Cadillac Vistiq and select 2025/2026 Optiq and Lyriq models, plus 2.9% APR for 60 months.
The 2026 Cadillac Optiq is available to lease for as low as $319 per month for 24 months, while the 2026 Vistiq is available to lease for $619 per month for 24 months.
Want to try one out? We’ve got you covered. Check out the links below to see what Cadillac and Chevy EVs are nearby.
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Electric vehicle prices edged lower and incentives jumped in November, but the month still saw a sales slowdown as the US EV market continues to hunt for a new normal.
Initial estimates from Kelley Blue Book show that EV sales came in at just over 70,000 units in November, more than 40% lower than a year ago and about 5% below October’s level.
The average transaction price (ATP) for a new EV in November was $58,638. That’s up 3.7% year-over-year but down 0.8% from October. Incentives told a different story: Discounts averaged 13.3% of ATP, which is lower than in November 2024 but jumped 20.1% compared to October.
Tesla continued to feel the pressure. The automaker’s ATP was $54,310 in November – down 1.7% from the same period a year ago but up 1.5% month-over-month. Sales declined for the second straight month and were down 22.7% year-over-year, mainly because of a drop in Model 3 demand.
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Model 3 sales slid 42.1% compared to November 2024 and fell 11.9% from October. Meanwhile, the Model Y, still the best‑selling EV in the US, saw prices increase 0.9% year-over-year and month-over-month. Model Y sales were slightly lower than last November, down 0.5%, but rose 2.5% compared to October.
The Tesla Cybertruck showed signs of cooling. Once the best‑selling vehicle priced above $100,000, Cybertruck sales fell to 1,194 units in November, the lowest monthly total of 2025 so far. Its average price was $94,254, higher both year-over-year and compared to October.
Taken together, the numbers paint a picture of an EV market in transition: prices are easing, incentives are rising, but buyers are still holding back as the industry tries to settle into its next phase.
Cox Automotive executive analyst Erin Keating said, “It’s important to remember that the KBB ATP is a measure of what is bought, not what is available. Nearly half of new-vehicle buyers are over the age of 55 and in their peak earning years. These buyers are more likely shopping for a high-end SUV, not something cheap and cheerful. In November, the over-$75,000 price point saw more volume than under-$30,000.”
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