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South Korea’s leading automakers are doubling down on their efforts to cut EV costs with new battery tech. Hyundai and Kia are teaming up to develop LFP battery materials to power up lower-priced EVs.

Hyundai and Kia eye cheaper EVs with LFP battery tech

Hyundai and Kia launched a new project to develop lithium iron phosphate battery cathode material for future EV models.

As part of the initiative, the automakers are teaming up with Hyundai Steel and EcoPro BM, South Korea’s leading battery materials maker, to develop a precursor for LFP battery cathode material production.

Korea’s Ministry of Trade, Industry, and Energy will also support the four-year project as part of its LFP Battery Technology Development plan.

“To meet future demand in the EV market, rapid technological development and effective battery supply chain establishment are essential,” Hyundai and Kia’s electrification and driving materials boss, SoonJoon Jung, said.

The new project is designed to “reduce import reliance” while securing Hyundai a stable supply chain as the industry shifts to electric.

Although most LFP battery cathode materials are made by adding lithium to precursor materials such as phosphate and iron sulfate, Hyundai and Kia are developing a more advanced process.

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Hyundai and Kia team up on LFP battery tech (Source: Hyundai Motor Group)

Using a direct synthesis process, adding iron powder and lithium simultaneously skips the need to create a separate precursor. According to Hyundai, this reduces hazardous substance emissions and cuts production costs.

More affordable EVs are coming

Hyundai claims its new method can boost production efficiency while driving lower costs compared to current processes.

With Hyundai Steel, the automakers plan to develop “high-purity iron powder” processing tech using domestically recycled iron. EcoPro BM will then use the tech to develop LFP battery cathode material.

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Hyundai Casper Electric (Source: Hyundai)

By advancing new LFP battery tech, Hyundai and Kia want to “spearhead” advancements in the EV battery market.

The announcement comes as China continues dominating the global EV battery market. According to SNE Research, China’s CATL accounted for 31.6% of global EV battery sales in the second quarter. With BYD’s 11.9% share, China’s leading battery makers accounted for 43.5% of the worldwide market in Q2.

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Kia EV3 (Source: Kia)

South Korea’s LG Energy Solution (14.7%), Samsung SDI (7.1%), and SK On (4.3%) made the top five in global EV sales.

China is leading the low-cost EV movement with vehicles like BYD’s Seagull selling for under $10,000 (69,800 yuan), but South Korea is not far behind.

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Hyundai IONIQ 5 (left) and IONIQ 6 (right) at Tesla Supercharger (Source: Hyundai)

Hyundai and Kia launched some of their most affordable EVs this year, including the Kia EV3 and Hyundai Casper Electric (Inster EV overseas).

The Casper Electric starts at just $22,800 (31.5 million won) in Korea. With incentives, Hyundai said the Casper EV could be bought for as little as $14,500 (20 million won), while Kia’s EV3 costs $30,700 (KRW 42.08 million).

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Hyundai Kona Electric N Line (Source: Hyundai)

In Europe, Hyundai’s Casper (Inster) EV will start at less than $27,000 (25,000 euros) with up to 220 miles (355 km) WLTP range. Kia’s EV3 starts at around $42,000 ((£32,995) with up to 372 miles (599 km) WLTP range.

Electrek’s Take

Hyundai and Kia are already climbing the global EV sales ranks. In the second quarter, the Korean automakers topped Ford and GM in US EV sales, claiming over 10% of the market.

Korean automakers already have some of the lowest-priced electric vehicles in the US, with the Hyundai Kona Electric starting at under $35,000 and Kia’s EV6 starting at $42,600. However, Hyundai and Kia are planning to launch even more affordable EVs.

Kia’s EV3 is expected to start at around $35,000 in the US, while its EV4 electric sedan, set to launch next year, will be priced at around $39,000.

Hyundai is opening its massive Metaplant America in Georgia this fall, enabling US-built electric models.

The first EV set to roll off the assembly line is Hyundai’s updated 2025 IONIQ 5. Once battery production begins in GA in 2025, Hyundai expects vehicles built at the plant will qualify for the $7,500 EV tax credit. Until then, the company is passing on massive discounts through leasing.

With advanced new battery tech, Hyundai and Kia expect to continue lowering EV production costs, enabling more affordable models.

Source: Hyundai Motor Group

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Ørsted’s largest solar farm in the world is now online in Texas

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Ørsted's largest solar farm in the world is now online in Texas

The Mockingbird Solar Center, Ørsted’s largest solar project globally, is now online, next to protected prairie donated by the renewable energy giant.

This massive 468-megawatt (MW) solar farm is set to power 80,000 homes and businesses, providing a major boost to the Texas grid.

But the launch of Mockingbird Solar isn’t just about clean energy – it’s also about restoring precious ecosystems. Ørsted has donated 953 acres of the Smiley-Woodfin Native Prairie Grassland, which sits next to the solar center, to The Nature Conservancy. The donated land is now the Smiley Meadow Preserve, a protected area for tallgrass prairie that’s home to more than 400 species of grasses and wildflowers.

Tallgrass prairies are some of the rarest ecosystems in the US, with less than 1% of Texas’ original tallgrass prairies still in existence. Tallgrass prairie does a lot of heavy lifting for the environment, including storing carbon, preventing floods, and providing crucial habitats for pollinators.

“Native prairies are the rarest landscapes left in Texas – so much so that many people have never seen one,” said David Bezanson, land protection strategy program director for The Nature Conservancy in Texas. He added that preserving Smiley Meadow will not only conserve one of the best prairie remnants left but also help restore other prairie habitats and boost regional biodiversity.

The Mockingbird Solar Center, a half-billion-dollar project, is part of Ørsted’s $20 billion push to expand renewable energy production across the US. Beyond generating electricity, it will inject $75 million into local property taxes, benefiting schools and other public services. The project also created over 550 construction jobs and will continue to be supported by operations staff moving forward.

Ørsted worked with US companies, including First Solar, for solar panels and partnered with local businesses like Drake Construction and Pfifer Farms for construction materials. It also gave more than $50,000 to local volunteer fire departments in Roxton and Brookston.

With Mockingbird Solar now up and running, Ørsted has more than 6 gigawatts of onshore wind, solar, and battery storage projects either in operation or being built across the US.

Read more: Ørsted got a huge Tesla battery storage system for the world’s single-largest offshore wind farm


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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*

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Cramer names oil and natural gas stocks set to do well under Trump

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Cramer names oil and natural gas stocks set to do well under Trump

CNBC’s Jim Cramer on Friday said companies related to natural gas and oil will thrive under President-elect Donald Trump’s administration and a majority Republican Congress.

“We’re hearing about all sorts of Trump trades right now, and many of these things have made insane moves in less than three weeks, to the point where, actually, they’re feeling precarious to me,” he said. “If you want a sustainable Trump trade, I say bet on the natural gas ecosystem. This is an industry that already had a lot going for it, it just needed some cooperation from the federal government, which it is about to get.”

President Joe Biden’s administration is largely opposed to fossil fuels, Cramer said, and the federal government has worked to block pipelines and paused new liquified gas export authorizations. This dynamic, coupled with a weaker global economy, caused the sector to underperform for much of the year, he suggested. But Trump has shown more favor to the industry, and Cramer pointed out that he tapped prominent oil executive Chris Wright to lead the Department of Energy.

Cramer recommended several stocks in the sector, including energy producers EQT and Coterra. The former is focused on natural gas and recently acquired peer Equitrans, raising the combined company’s valuation to an estimated $35 billion, Cramer noted. He added that Coterra is a good long-term holding and called the company “one of the shrewdest operators in the industry.”

He highlighted pipeline companies, including Energy Transfer and Kinder Morgan, and said he was especially bullish on Enbridge. Enbridge says it transports about 20% of all natural gas consumed in the U.S., and Cramer claimed the Canadian outfit has “strategically located assets.” He also named Cheniere and Sempra, saying the former is the “best playfor liquified natural gas exports.

“Seasonally, this is a good time for the commodity,” he said, pointing out that natural gas itself has climbed since the election. “But I also think there’s some optimism about the future of the industry driving this move.”

Jim Cramer’s Guide to Investing

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Jeep launches Wagoneer S EV lease prices starting at just $599 per month

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Jeep launches Wagoneer S EV lease prices starting at just 9 per month

Jeep’s first global luxury electric SUV will arrive at US dealerships any day. Despite its $72,000 price tag, lease prices for the 2024 Jeep Wagoneer S EV start at just $599 per month.

2024 Jeep Wagoneer S EV lease prices

After unveiling its first global electric SUV, Jeep’s CEO said the Wagoneer S “marks a new chapter” in its storied history.

Jeep claims the Wagoneer S packs “exhilarating performance.” With 600 hp and 617 lb-ft of torque, the big-body SUV can sprint from 0 to 60 mph in just 3.4 seconds. Its 100 kWh battery pack also gives it a driving range of over 300 miles.

The electric SUV is unmistakably still a Jeep, but it did get several upgrades to distinguish it as an EV. The grille is now enclosed without the need to cool a massive engine, giving it a sporty, more modern look.

Jeep revamped its design with a new illuminated seven-slot grille with ambient cast lightning. It also fine-tuned its profile, adding flush door handles, a rear wing, and integrated fins for better airflow.

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Jeep Wagoneer S Launch Edition (Source: Jeep)

The first Jeep Wagoneer S Launch Edition models get exclusive dark accent design elements like 20″ Gloss Black Wheels.

Inside, the electric SUV is loaded with the latest tech and connectivity, including a best-in-class 45″ of usable screen space. The setup includes a 12.3″ center screen and an exclusive 10.25″ interactive front passenger screen.

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Jeep Wagoneer S Launch Edition Radar Red interior (Source: Jeep)

Jeep already announced that the 2024 Wagoneer S EV will start at $71,995, but now the company has revealed lease prices for the first time.

According to Jeep, the 2024 Jeep Wagoneer S Launch Edition can be leased for $599 per month for 36 months (10,000 miles per year). The deal includes $4,999 due at signing and a $7,500 EV incentive. However, you may want to act fast, as Jeep’s offer is only good until December 2, 2024.

Jeep Wagoneer S vs Tesla Model Y Starting Price Range Lease Price
Jeep Wagoneer S Launch Edition $71,995 +300 miles $599/mo
Tesla Model Y RWD $44,990 320 miles $299/mo
Tesla Model Y AWD $47,990 308 miles $399/mo
Tesla Model Y AWD Performance $51,490 279 miles $599/mo

In comparison, Tesla Model Y RWD lease prices start at $299 for 36 months with $2,999 down (10,000 miles). The Performance AWD model starts at $599 per month. In an end-of-year promo, Tesla also offers 3 months of free Supercharging and Full Self-Driving.

Ready to drive off in your new electric SUV? We can help you get started. You can use our links below to view offers on the Jeep Wagoneer S and Tesla Model Y at a dealer near you.

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