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.
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.
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.
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.
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).
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.
A long-time Tesla engineer announced his departure from the company, citing Elon Musk as the primary reason for quitting. In his public exit letter, he decided to expose the CEO’s betrayal of Tesla’s mission.
Giorgio Balestrieri spent the last 8 years at Tesla.
He spent most of his time as a data analyst in the energy storage division and then as an algorithm engineer working on Autobidder, Tesla’s real-time trading and control platform for energy assets.
During his tenure, Balestrieri helped accelerate the deployment of energy storage from its infancy to its current status as a significant piece of the energy transition puzzle.
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Today, he announced his departure from Tesla.
In an exit letter made public on LinkedIn, Balestrieri thanked his colleagues and congratulated them on all the progress they accomplished together over the years.
In the letter, the engineer was not shy about stating “the main reason” why he was leaving: Elon Musk.
Balestrieri explained that he believes the CEO has failed Tesla’s mission:
All this being said, I do need to address the elephant in the room: the main reason I’m leaving is that I think Elon has dealt huge damage to Tesla’s mission (and to the health of democratic institutions in several countries). Beyond that, Elon’s leadership and decision making seem seriously compromised. Given his huge (and growing, inexplicably) stake in Tesla, I can’t convince myself anymore that this is the right place to be. This is not just about politics: it’s about lying to the public, manipulating public discourse, targeting minorities and supporting climate change deniers and political forces aligned with the oil and gas industry. I think it’s fairly indisputable that the current US administration is slowing down the energy transition. Unfortunately, speed is critical if we are to avert the worst consequences of climate change.
I don’t blame anyone working at Tesla. Like Balestrieri, you can have a meaningful job at Tesla that still contributes to the mission to accelerate the world’s transition to a sustainable economy.
However, it can be frustrating when the CEO takes clear actions against the mission on a large scale, such as funding climate change-denying politicians who are implementing policies that are now slowing the deployment of renewable energy and the electric transport transition.
For many people who joined Tesla for the mission, seemingly like Balestrieri, it can feel counterproductive.
I think it’s clear that it is contributing to the significant talent exodus we have been seeing at Tesla over the last two years.
Musk’s leadership is not what it used to be.
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Global EV sales climbed again in August 2025, with 1.7 million electric vehicles hitting the road worldwide. That’s a 5% jump compared to July and 15% higher than August 2024, according to new data from Rho Motion.
Battery electric vehicles (BEVs) made up the bulk of sales at 1.16 million units, while plug-in hybrids (PHEVs) accounted for 570,000. In total, 12.5 million EVs have been sold in the first eight months of this year.
Charles Lester, data manager at Rho Motion, explained what’s driving the numbers:
The North American market has reached a record monthly high as consumers in the US accelerate purchases to take advantage of the tax credit before it expires at the end of September. Momentum remains in Europe, underpinned by the emissions legislation, with major automotive countries, Germany and the UK, growing by 45% and 31% YTD, respectively.
Year-over-year growth in the Chinese market slowed in July-August 2025; however, this is compared to a period where subsidies for the auto trade-in scheme increased last year, which spurred EV demand in the country.
Here’s how year-to-date sales stack up against the same period in 2024:
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Global: 12.5 million, up 25%
China: 7.6 million, up 25%
Europe: 2.6 million, up 31%
North America: 1.3 million, up 6%
Rest of world: 1.0 million, up 44%
Europe is seeing some of the fastest growth. Sales are up 31% year to date, split nearly evenly between BEVs and PHEVs. Germany leads the charge with a 45% jump, while the UK is up 31%. Spain has doubled its EV sales this year, and Italy is up 41%. France is the outlier, with sales down 9% so far in 2025. August sales in the UK dipped 32% compared to July, but that’s a normal seasonal slowdown before a big surge in September tied to new license plate numbers.
On the model front, Ford’s Puma Gen-E and E-Tourneo Courier both qualified for the maximum UK discount of £3,750 ($5,100). Chinese automaker BYD continues its push in Europe, with the Seal U becoming one of the region’s bestselling PHEVs. In September, BYD added another model, the Seal 6 PHEV.
In North America, sales are up 6% so far this year, but August set a new monthly record as US buyers rushed to lock in the federal tax credit before it ends September 30. Analysts expect strong September numbers, followed by a steep drop in Q4. Automakers are already preparing for a pullback: VW will pause ID.4 production in October, and GM is expected to cut EV output once the credit disappears. Canada is struggling, with EV sales down by a third this year after the iZEV rebate was paused. That slump, paired with tough economic conditions, could derail the country’s 2026 EV sales mandate, which Prime Minister Mark Carney has paused while the government deals with US tariff impacts.
China, the world’s largest EV market, grew sales 11% in August compared to July and 6% year over year. Year-to-date sales are still up 25%, but growth has slowed compared to last year, when a boosted auto trade-in subsidy drove demand. BYD, the country’s dominant player, cut its 2025 sales target from 5.5 million units to 4.6 million, with up to a million of those expected to come from overseas markets.
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The Chevy Equinox EV, or America’s most affordable EV with over 315 miles of range, is now even cheaper this month. Chevy is offering more chances to save this month on the electric Equinox, Blazer, and Silverado with new EV deals rolling out.
Chevy launches new EV deals with the tax credit expiring
After back-to-back record sales months in July and August, GM remained the number two seller of EVs in the US, behind Tesla.
The Chevy Equinox EV, or as GM calls it, “America’s most affordable 315+ mile range EV,” has been a smash hit. GM now expects it to be the third top-selling EV in the US this year, behind the Tesla Model Y and Model 3.
After launching the lower-priced LT trim late last year, starting at just $34,995, the Equinox drove Chevy to become the fastest-growing domestic EV brand in the US.
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As one of the few electric vehicles with a starting price under $35,000, it’s no wonder the Equinox EV is flying off the lot.
With new deals this month ahead of the $7,500 deferal EV tax credit deadline, the Chevy Equinox EV is even more affordable. In fact, all of Chevy’s electric vehicles are currently heavily discounted.
2025 Chevy Equinox EV LT (Source: GM)
Chevy is offering up to $3,000 customer cash bonus on select 2025 Equinox EV models with leases starting at just $249 per month. The deal is for a 24-month lease with $3,049 due at signing and includes the loyalty or conquest bonus.
Alternatively, Chevy is offering the $7,500 federal EV tax credit plus 0% APR financing for 60 months when financing any 2025 electric vehicle, including the Equinox, Blazer, and Silverado. If you’re a Costco member, you can save an extra $1,250.
2025 Chevy Equinox EV trim
Starting Price
EPA-estimated Range
Monthly lease Price (September 2025)
LT FWD
$34,995
319 miles
$249
LT AWD
$40,295
307 miles
$319
RS FWD
$45,790
319 miles
$324
RS AWD
$49,090
307 miles
$367
2025 Chevy Equinox EV prices, range, and lease price September 2025 (Including $1,395 destination fee)
The 2025 Chevy Equinox and Blazer EVs also have a $1,250 purchase allowance for eligible trade-ins, while the 2025 Silverado gets a $250 bonus.
The new 2026 Chevrolet Equinox EV is available with a cash bonus of up to $2,000 or 1.9% APR financing for 36 months.
Chevy Blazer EV RS (Source: GM)
If you’re looking for something a little bigger and more powerful, the 2025 Chevy Blazer EV is available with up to $3,500 in bonus cash with leases starting as low as $369 per month. That offer is also a 24-month lease, but with $3,149 due at signing.
For pickup fans, the Chevy Silverado EV is even more impressive than it looks, with up to 493 miles of range, a towing capacity of up to 12,500 lbs, and the ability to hit 0 to 60 mph in under 4.5 seconds.
2026 Chevy Silverado EV (Source: Chevrolet)
The 2025 Chevrolet Silverado is available with up to $4,000 in bonus cash right now. Chevy is listing the 2025 Silverado EV Crew Cab 4WD LT trim for leases as low as $749 for 24 months with $5,209 due at signing.
Chevy’s electric vehicles are not only some of the most affordable to lease, but they are also the cheapest to insure. According to a recent study from Insurify, the Chevy Blazer and Equinox are the most affordable EVs to insure.
Chevy’s deals are set to end on September 30, when the federal EV tax credit is also set to expire. Despite record sales, GM said it expects a slowdown later this year as the “irrational discounts” come to an end.
Are you looking to grab the savings while they are still available? We can help you get started. You can use our links below to find Chevy Equinox, Blazer, and Silverado EV models in your area.
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