Hyundai Steel Set to Supply Iron Powder for EV Battery Material Producers

2024/09/23
NEV, Supply Chain
Hyundai
Malaysia
Korea
Hyundai Steel Company, a subsidiary of Hyundai Motor Group, is poised to supply iron powder for lithium iron phosphate (LFP) batteries to several South Korean battery material manufacturers, according to local reports. LFP batteries are considered a cost-effective alternative to lithium-ion batteries. Positive feedback from partners is said to have paved the way for commercial production, with Hyundai Steel capable of producing up to 60,000 tons of iron powder annually, sufficient for approximately 1 million LFP battery-powered EVs.
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